Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Thin Company had the following transactions for the month. Number Cost of Units per Unit Total Beginning inventory 1.050 $22 $23,100 Purchased May 31 1,030
Thin Company had the following transactions for the month. Number Cost of Units per Unit Total Beginning inventory 1.050 $22 $23,100 Purchased May 31 1,030 23 23,690 Purchased Jul. 15 1,340 26 34,640 Purchased Nov. 1 1.250 27 33,750 Totels (goods available) 4,670 115,380 Ending inventory 900 > Calculate the ending Inventory dollar value for each of the following cost allocation methods, using periodic Inventory updating. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Ending Inventory A First-In, First-out (FIFO) B. Last-in, First-out (LIFO) C. Weighted Average (AVG)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started