Question
Purchases of a new inventory product during the month of April are as follows: Purchased 15 units at $5.00 each Purchased 10 units at
Purchases of a new inventory product during the month of April are as follows: Purchased 15 units at $5.00 each Purchased 10 units at $5.20 each Purchased 8 units at $5.25 each 4/1 4/10 4/20 Since the facility uses a periodic inventory system, perpetual recordkeeping cards are not maintained and issues are not known. A physical inventory shows that 5 units are on hand at the close of business, April 30. Compute the dollar value of the ending inventory (to two decimal places) under the following valuation methods: a. The FIFO periodic method b. The LIFO periodic method c. The weighted average periodic method (using a weighted average rounded to four decimal places)
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Fundamentals of Financial Accounting
Authors: Fred Phillips, Robert Libby, Patricia Libby
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78025915, 978-1259115400, 1259115402, 978-0078025914
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