Question
Comstock Company had 2 units ($5 unit cost) in inventory. Comstock purchased 10 units ($8 unit cost) in January and purchased another 3 units ($10
Comstock Company had 2 units ($5 unit cost) in inventory. Comstock purchased 10 units ($8 unit cost) in January and purchased another 3 units ($10 unit cost) in July. Comstock ended up with 3 units in its ending inventory (1 unit with a unit cost of $8 and 2 with a unit cost of $10).
a) If Comstock used the specific unit cost method, what is the cost of the ending inventory?
b) If Comstock used the average cost method, what is the cost of the ending inventory?
c) If Comstock used the FIFO method, what is the cost of the ending inventory?
d) If Comstock used the LIFO method, what is the cost of the ending inventory?
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