Question
The Farm and Feed Supply Company provided you the following information for their patented diesel oil filter in 2017: Date Units Unit Cost Total Beg
The Farm and Feed Supply Company provided you the following information for their patented diesel oil filter in 2017: Date Units Unit Cost Total Beg Bal. 200 $20 $4,000 Purchases: March 1 160 $20 $3,200 May 14 140 $21 $2,940 June 2 200 $22 $4,400 October 26 185 $26 $4,810 December 23 40 $26 $1,040 Total Available 925 $20,390 A total of 710 patented filters were sold in 2017, resulting in 215 units on hand at the end of the year. Required Determine the ending inventory at December 31, 2017 under the following methods. Show all calculations FIFO-Periodic LIFO-Periodic
Average Cost-Periodic
Dollar Value LIFO Ending Inventory at current prices is $5,590 with current Price Index = 1.30. Beginning of year Price Index = 1.00
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