Question
The inventory records for Tiny Tim Creations Inc. indicate the following activity for the month of January: January 1 balance, 1000 units @ $7.20 each
The inventory records for Tiny Tim Creations Inc. indicate the following activity for the month of January: January 1 balance, 1000 units @ $7.20 each
Purchases: January 10: 600 units @ $7.25 each
January 16: 800 units @ $7.30 each
January 23: 600 units @ $7.35 each
Sales: January 5: 400 units
January 14: 700 units
January 20: 500 units
January 26: 700 units
-January 31st ending inventory using unit LIFO in a periodic inventory system is?
-January 31st ending inventory using unit LIFO in a perpetual inventory system is?
-January 31st ending inventory using FIFO in a perpetual inventory system is?
-January 31st ending inventory using average cost (rounding unit cost to three decimal places) in a periodic inventory system is?
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