Question
Mar. 1 Inventory 21 units @ $30 $630 June 16 Purchase 27 units @ $32 864 Nov. 28 Purchase 38 units @ $36 1,368 Total
Mar. 1 Inventory 21 units @ $30 $630
June 16 Purchase 27 units @ $32 864
Nov. 28 Purchase 38 units @ $36 1,368
Total 86 units $2,862
There are 16 units of the product in the physical inventory at November 30. The periodic inventory system is used.
a. Determine the inventory cost using the FIFO method.
b. Determine the inventory cost using the LIFO method.
c. Determine the inventory cost using the weighted average cost methods. Round interim calculations and final answer to two decimal places.
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Auditors Guide To IT Auditing
Authors: Richard E. Cascarino
2nd Edition
1118147618, 978-1118147610
