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Speedy, a regional convenience store chain, maintains milk inventory by the gallon. The first month's milk purchases and sales at its Schenectady, New York, location
Speedy, a regional convenience store chain, maintains milk inventory by the gallon. The first month's milk purchases and sales at its Schenectady, New York, location follow: (i) (Click the icon to view the purchases and sales.) Read the requirements. More info Oct. 2 Purchased 8 gallons @ \$2.00 each Oct. 6 Purchased 4 gallons @ \$2.60 each Oct. 8 Sold 5 gallons of milk to a customer Oct. 13 Purchased 1 gallons @ \$2.80 each Oct. 14 Sold 2 gallons of milk to a customer Requirement 3. Determine the amount that would be reported in ending merchandise inventory on October 15 using the weighted-average inventory costing method. hand at the end of the period. (Enter all amounts to the nearest cent, $X.XX.) Requirements 1. Determine the amount that would be reported in ending merchandise inventory on October 15 using the FIFO inventory costing method. 2. Determine the amount that would be reported in ending merchandise inventory on October 15 using the LIFO inventory costing method. 3. Determine the amount that would be reported in ending merchandise inventory on October 15 using the weighted-average inventory costing method
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