Question
Flashy Ltd uses the periodic inventory method and had the following inventory information available: Inventory information Units Unit cost 1/1 Beginning inventory 600 $4.40 20/1
Flashy Ltd uses the periodic inventory method and had the following inventory information available:
Units | Unit cost | ||
---|---|---|---|
1/1 | Beginning inventory | 600 | $4.40 |
20/1 | Purchase | 150 | $4.00 |
25/7 | Purchase | 450 | $4.80 |
20/10 | Purchase | 200 | $4.20 |
A physical count of inventory on 31 December revealed that there were 400 units on hand. Ignore GST.
Required:
Answer the following independent questions.
1. Assume that the company uses the LIFO method. The value of the cost of sales at 31 December is $__________.
2. Assume that the company uses the average cost method. The value of the ending inventory on 31 December is $__________.
3. Assume that the company uses the FIFO method. The value of the cost of sales on 31 December is $__________.
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