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Tori Amos Corporation began operations on December 1, 2013. The only inventory transaction in 2013 was the purchase of inventory on December 10, 2013, at
Tori Amos Corporation began operations on December 1, 2013. The only inventory transaction in 2013 was the purchase of inventory on December 10, 2013, at a cost of $22 per unit. None of this inventory was sold in 2013. Relevant information is as follows. During the year 2014, the following purchases and sales were made. The company uses the periodic inventory method. Calculate average-cost per unit. (Round answer to 2 decimal places, e.e. 2.76.) Determine ending inventory under (1) specific identification, (2) FIFO, (3) LIFO, and (4) average-cost. (Round answer to 0 decimal places, e.g. 2,760.) Calculate price index. (Round answer to 4 decimal places, e.g. 2.7600.) Determine ending inventory using dollar-value LIFO. Assume that the December 2, 2014, purchase cost is the current cost of inventory. (Hint: The beginning inventory is the base-layer priced at $22 per unit.) (Round answer to 0 decimal places, e.g. 2,760.)
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