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The beginning inventory and purchases fro an item for the period were as follows: Beginning inventory 6 units @ $73 each First purchase 10 units
The beginning inventory and purchases fro an item for the period were as follows: | |||||||||||
Beginning inventory | 6 units | @ $73 each | |||||||||
First purchase | 10 units | @ $72 each | |||||||||
Second purchase | 18 units | @ $74 each | |||||||||
Third purchases | 10 units | @ $75 each | |||||||||
The company uses the periodic system. There were 15 units in ending inventory. Determine the cost | |||||||||||
of the 15 units in the inventory by each of the following methods. | |||||||||||
a) FIFO | |||||||||||
b) LIFO | |||||||||||
c) Average cost | |||||||||||
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