Question
The following is the inventory for the year of Intrepid Enterprises: Date Units Cost per unit Total Cost Beginning inventory, Jan. 1 10 $100 $1,000
The following is the inventory for the year of Intrepid Enterprises:
| Date | Units | Cost per unit | Total Cost |
| Beginning inventory, Jan. 1 | 10 | $100 | $1,000 |
| Purchase, June 15 | 15 | $108 | $1,620 |
| Purchase, August 28 | 20 | $120 | $2,400 |
| Purchase, December 15 | 10 | $125 | $1,250 |
| Total Units Available | 55 | $6,270 |
The ending inventory for Intrepid Enterprises consisted of 12 units valued at $1,216. Which of the three value methods was used to value this ending inventory, LIFO, FIFO, or average cost?
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Cost Accounting Foundations and Evolutions
Authors: Michael R. Kinney, Cecily A. Raiborn
8th Edition
9781439044612, 1439044619, 978-1111626822
