Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I need the four blank boxes answered with the solutions on how to do them Inventory Costing Methods Morrison Inc. reported the following information for
I need the four blank boxes answered with the solutions on how to do them
Inventory Costing Methods Morrison Inc. reported the following information for the month of October: Inventory, October 1 67 units @ $22 Purchase: October 7 55 units @ $24 October 18 58 units @ $25 October 27 45 units @ $27 During October, Morrison sold 144 units. The company uses a periodic inventory system. Required: What is the value of ending inventory and cost of goods sold for October under the following assumptions. Assumption Cost of Goods Sold Ending Inventory 1. Of the 144 units sold, 56 cost $22, 39 cost $24, 44 cost $25, and 5 cost $27. $ 3,403 2,056 2. FIFO $ 3. LIFO $ $ 4. Weighted average method (Round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest dollar.) $ 3,493 1,965Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started