Question
Rogers Products uses a periodic inventory system. The companys records show the beginning inventory of PH4 oil filters on January 1 and the purchases of
Rogers Products uses a periodic inventory system. The companys records show the beginning inventory of PH4 oil filters on January 1 and the purchases of this item during the current year to be as follows: Jan. 1 Beginning inventory 14 units @ $3.00 $ 42.00 Feb. 23 Purchase 16 units @ $3.50 56.00 Apr. 20 Purchase 29 units @ $3.80 110.20 May 4 Purchase 43 units @ $4.00 172.00 Nov. 30 Purchase 18 units @ $5.00 90.00 Totals 120 units $ 470.20 A physical count indicates 21 units in inventory at year-end. Determine the cost of the ending inventory on the basis of each of the following methods of inventory valuation. (Remember to use periodic inventory costing procedures.) (Round your intermediate and final answers to 2 decimal places.) a. Average cost. b. FIFO. c. LIFO.
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