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RJ Corporation has provided the following information about one of its inventory items: Date Transaction Number of Units Cost per Unit 1/1 Beginning Inventory 420
RJ Corporation has provided the following information about one of its inventory items:
Date | Transaction | Number of Units | Cost per Unit | |||||
1/1 | Beginning Inventory | 420 | $ | 3,100 | ||||
6/6 | Purchase | 805 | $ | 3,625 | ||||
9/10 | Purchase | 1,205 | $ | 4,075 | ||||
11/15 | Purchase | 825 | $ | 4,300 | ||||
During the year, RJ sold 2,990 units.
What was ending inventory using the LIFO and FIFO cost flow assumption under a periodic inventory system?
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