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Hosmer Company uses the periodic inventory system to account for Inventories. Information related to Hosmer Company's Inventory at December 31 is given below: December
Hosmer Company uses the periodic inventory system to account for Inventories. Information related to Hosmer Company's Inventory at December 31 is given below: December 1 Beginning inventory 100 units @ $10.00 = $1,000 8 Purchase 200 units @ $11.00 = 2,200 16 Purchase 300 units @ $12.00 = 3,600 24 Purchase 400 units @ $13.00 = 5,200 Total units and cost 1,000 units $12,000 Requirements: 1. Show computations to value the ending inventory using the FIFO cost assumption if 200 units remain on hand in inventory at December 31. 2. Show computations to value the ending inventory using the weighted-average cost method if 200 units remain on hand in inventory at December 31. 3. Show computations to value the ending inventory using the LIFO cost assumption if 200 units remain on hand in inventory at December 31.
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