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Purchase of a new inventory product during the month of June are as follows: 1/6 Purchased 22 units at $15.500 each 10/6 Purchased 14 units
Purchase of a new inventory product during the month of June are as follows:
1/6
Purchased 22 units at $15.500 each
10/6
Purchased 14 units at $16.200 each
20/6
Purchased 10 units at $15.850 each
Since the facility uses a periodic inventory system, perpetual recordkeeping cards are not maintained and issues are not known. A physical inventory shows that 4 units are on hand at the close of business, June 30. Compute the dollar value of the ending inventory under the following valuation methods:
a. The FIFO periodic method
b. The LIFO periodic method
c. Weighted average periodic method.
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