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Marvin Company has a beginning inventory of 12 sets of paints at a cost of $1.20 each. During the year, the store purchased 4 sets
Marvin Company has a beginning inventory of 12 sets of paints at a cost of $1.20 each. During the year, the store purchased 4 sets at $1.30, 6 sets at $1.90, 6 sets at $2.20, and 10 sets at $2.70. By the end of the year, 25 sets were sold. a. Calculate the number of paint sets in ending inventory.
b. Calculate the cost of ending inventory under LIFO, FIFO, and the weighted average methods. (Round your answers to the nearest cent.)
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