Question
The Gidewall Corporation uses part 210 in a manufacturing process. Information as to balances on hand purchases, and requisitions of part 210 is given in
The Gidewall Corporation uses part 210 in a manufacturing process. Information as to balances on hand purchases, and requisitions of part 210 is given in the following table:
Date | Quantities Received | Issued | Balance | Unit Purchase Price |
January 8 | -------- | -------- | 200 | $1.55 |
January 29 | 200 | -------- | 400 | $1.75 |
February 8 | -------- | 80 | 320 | ------ |
March 20 | ------ | 160 | 160 | ------ |
July 10 | 150 | ----- | 310 | $1.75 |
August 18 | ------ | 110 | 200 | ------ |
September 6 | ------- | 75 | 125 | ------ |
November 14 | 250 | ------- | 375 | $2.00 |
December 29 | ----- | 100 | 275 | ------- |
Instructions: What is the closing inentory under each of the following pricing methods? (Note: Round unit costs to three decimal places.)
1. Periodic FIFO
2. Periodic LIFO
3. Periodic average
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