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Compute the cost to be assigned to ending inventory for each of the methods indicated given the following information about purchases and sales during the
Compute the cost to be assigned to ending inventory for each of the methods indicated given the following information about purchases and sales during the year. (Do not round intermediate calculations. Round final answers to 0 decimal places, e.g. 2,520.) January May 1 1 December 31 Beginning Inventory Purchases Total Available Total Sales Ending Inventory Cost assigned on an average-cost basis Cost assigned on a FIFO basis Costs assigned on a LIFO basis LA $ LA EA 145 items @ $2 430 items @ $5 575 items 425 items 150 = = 1154 1305 780 $290 2,150 $2,440
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