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The ABC Outpatient clinic purchased disposable patient gowns on the following dates & amounts. Calculate the ending cost of inventory using LIFO, FIFO & Weighted
The ABC Outpatient clinic purchased disposable patient gowns on the following dates & amounts. Calculate the ending cost of inventory using LIFO, FIFO & Weighted Average. Show the unit price for both LIFO & FIFO as well. You do not need to show your work, simply provide the values for each.
Problem | units | price | total | |
January 1 beginning balance | 50 | $15 | $750 | |
May 1 purchase | 40 | $17 | $680 | |
September 1 purchase | 60 | $20 | $1,200 | |
December 1 purchase | 70 | $25 | $1,750 | |
220 | $4,380 | |||
Ending Inventory | 150 |
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