Question
The following data concerns inventory and purchases at Muse Company. Inventory, January 1 93 units at $106 Purchases: January 6 63 units at $105 January
The following data concerns inventory and purchases at Muse Company.
| Inventory, January 1 | 93 | units at $106 |
| Purchases: | ||
| January 6 | 63 | units at $105 |
| January 15 | 48 | units at $105 |
| January 22 | 38 | units at $99 |
| Inventory, January 31 | 93 | units |
- Determine the cost of the ending inventory on January 31 under the average cost method.
- Determine the cost of the ending inventory on January 31 under the first in, first out (FIFO) method.
- Determine the cost of the ending inventory on January 31 under the last in, first out (LIFO) method.
Analyze: Which inventory valuation method resulted in the highest dollar amount for ending inventory?
Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Determine the cost of the ending inventory on January 31 under the first in, first out (FIFO) method. Complete this question by entering your answers in the tabs below. Determine the cost of the ending inventory on January 31 under the last in, first out (LIFO) method. Complete this question by entering your answers in the tabs below. Which inventory valuation method resulted in the highest dollar amount for ending inventory Step by Step Solution
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Auditing Theory And Practice
Authors: Jerry R. Strawser, Robert H. Strawser, Roger H. Hermanson
9th Edition
0873939336, 9780873939331
