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Exercise 17.1 (Static) Using the various costing methods of inventory valuation. LO 17-1 Information about Spiceland Company's inventory of one item follows. Number of Units 230 Unit Cost 5 365 Explanation Beginning inventory, January 1 Purchasest April August October Ending inventory, December 31 220 190 240 230 370 375 377 1. Compute the cost of the ending inventory under the average cost method, 2. Compute the cost of the ending inventory under the FIFO method 3. Compute the cost of the ending inventory under the LIFO method Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the cost of the ending inventory under the average cost method. (Round your "Average Cost Per Unit" answer to 2 decimal places) Merchandise Available for Sale Ending Inventory Average Cost Per Unit Average Cost Number of Units Unit Cost Total Cost Number of Units Total Cost $ 0 0 Beginning inventory Purchases April August October 0 0 0 $ 0.00 Total $ Exercise 17.1 (Static) Using the various costing methods of inventory valuation. LO 17-1 Information about Spiceland Company's inventory of one item follows. Number of Units 230 Unit Cost 5 365 Explanation Beginning inventory, January 1 Purchases: April August October Ending inventory, December 31 27 190 246 230 370 375 377 1. Compute the cost of the ending inventory under the average cost method. 2. Compute the cost of the ending inventory under the FIFO method. 3. Compute the cost of the ending inventory under the LIFO method. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the cost of the ending inventory under the FIFO method. Merchandise available for sale Ending Inventory FIFO Number of Unit cost Total cost Number of Unit cost Total cost units units Beginning inventory $ Purchases April 0 August 0 October 0 Total 0 0 5 0 Exercise 17.1 (Static) Using the various costing methods of inventory valuation. LO 17-1 Information about Spiceland Company's inventory of one item follows Number of Explanation Units Unit Cost Beginning inventory, January 1 230 $ 365 Purchases: April 270 370 August 190 375 October 377 Ending inventory, December 31 240 230 1. Compute the cost of the ending inventory under the average cost method. 2. Compute the cost of the ending inventory under the FIFO method 3. Compute the cost of the ending inventory under the LIFO method. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the cost of the ending inventory under the LIFO method. Merchandise available for sale Ending Inventory LIFO Number of Unit cost Total cost Number of Unit cost units Total cost units Beginning inventory $ 0 Purchases April 0 August October 0 Total 0 $ 0 0 $ 0 0
