Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Use the following data for the next 3 questions: Beginning inventory, purchases, and sales data for inventory are as follows: Mar. 3 Inventory 20 units
Use the following data for the next 3 questions: Beginning inventory, purchases, and sales data for inventory are as follows: Mar. 3 Inventory 20 units at $360 11 Purchase 260 units at $342 21 Purchase 40 units at $357 Physical Inventory March 31 = 57 units * Round the FINAL answer to the nearest whole number. 2 Using the periodic inventory, under a FIFO cost flow assumption, what is the cost of the ending inventory and the cost of the merchandise sold respectively? a. $19,854, $90,546 b. $20,094, $90,306 c. $20,121, $90,279 d. $19,665 $90,735 3 Using the periodic inventory, under a LIFO cost flow assumption, what is the cost of the ending inventory and the cost of the merchandise sold respectively? a. $20,121, $90,279 b. $19,665 $90,735 c. $19,854, $90,546 d. $20,094, $90,306 4 Using the periodic inventory, under a Weighted-Average cost flow assumption, what is the cost of the ending inventory and the cost of the merchandise sold respectively? a. $19,854, $90,546 b. $20,094, $90,306 c. $20,121, $90,279 d. $19,665, $90,735
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