please explain in detail all calculations.

Exercise 204

Faster Company uses the periodic inventory method and had the following inventory information available:

UnitsUnit CostTotal Cost1/1Beginning Inventory15$8.00$120

1/20Purchase60$8.80528

7/25Purchase30$8.40252

10/20Purchase45$9.60432150$1,332

A physical count of inventory on December 31 revealed that there were 55 units on hand.

Answer the following independent questions.(Round per unit cost calculations to 2 decimal places, e.g. 5.25 and final answers to 0 decimal places, e.g. 125.)

1.Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is$

2.Assume that the company uses the average cost method. The value of the ending inventory on December 31 is$

3.Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is$

4.Assume that the company uses the FIFO method. The value of the cost of goods sold at December 31 is

$

11/2/2017 WileyPLUS Exercise 204 Faster Company uses the periodic inventory method and had the following inventory information available: Units Unit Cost Total Cost 1/1 Beginning Inventory 15 $8.00 $120 1/20 Purchase 60 $8.80 528 7/25 Purchase 30 $8.40 252 10/20 Purchase 45 $9.60 432 150 $1,332 A physical count of inventory on December 31 revealed that there were 55 units on hand. Answer the following independent questions. (Round per unit cost calculations to 2 decimal places, e.g. 5.25 and final answers to 0 decimal places, e.g. 125.) 1. Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is $ 2. Assume that the company uses the average cost method. The value of the ending inventory on December 31 is $ 3. Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is $ 4. Assume that the company uses the FIFO method. The value of the cost of goods sold at December 31 is $ https://edugen.wileyplus.com/edugen/lti/main.uni 1/1