Question
The following units are available for sale during the year: January 1 Beginning Inventory 10 units at $18 each April 3 Purchase 30 units at
The following units are available for sale during the year:
January 1 Beginning Inventory 10 units at $18 each
April 3 Purchase 30 units at $20 each
August 31 Purchase 28 units at $25 each
September 29 Purchase 17 units at $30 each
December 31 Ending Inventory 21 units
a.Determine ending inventory cost by FIFO method.
b.Determine ending inventory cost by LIFO method.
c.Determine ending inventory cost by average cost method. In your calculations round per unit to the nearest cent. Round your answer to the nearest whole dollar.
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Managerial Accounting
Authors: Davis, Charles E., Elizabeth
1st Edition
0471699608, 978-0471699606
