Metlock Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was the purchase of inventory on December 10, 2019, at a cost of $23 per unit. None of this inventory was sold in 2019. Relevant information is as follows.

Ending inventory units
December 31, 2019				155
December 31, 2020, by purchase date
December 2, 2020		155
July 20, 2020		50		205

During the year 2020, the following purchases and sales were made.

Purchases						Sales
March 15		355 units	at	$27		April 10		255
July 20		355 units	at	29		August 20		355
September 4		255 units	at	32		November 18		205
December 2		155 units	at	34		December 12		255

The company uses the periodic inventory method.

(a1)

	Your answer is correct.

Calculate average-cost per unit. (Round answer to 2 decimal places, e.e. 2.76.)

Average-cost

$

Click if you would like to Show Work for this question:

Open Show Work

SHOW SOLUTION

LINK TO TEXT

LINK TO TEXT

By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor.

Attempts: 1 of 5 used

(a2)

Determine ending inventory under (1) specific identification, (2) FIFO, (3) LIFO, and (4) average-cost. (Round answers to 0 decimal places, e.g. 2,760.)

		Specific Identification		FIFO		LIFO		Average-Cost
Ending Inventory		$		$		$		$