Question
Westside Ltd uses the periodic inventory system and has the following inventory information for the month of March 2021: Date Detail Units Unit Cost 1-March
Westside Ltd uses the periodic inventory system and has the following inventory information for the month of March 2021:
Date | Detail | Units | Unit Cost |
1-March | Inventory | 3,000 | $180 |
9- March | Purchase | 4,000 | $190 |
18- March | Purchase | 1,500 | $195 |
31- March | Inventory | 1,700 | - |
Required:
Answer the following independent questions.
a) Assume that the company uses the FIFO method. The value of the cost of ending inventory at 31 March 2021 is $__________.
b) Assume that the company uses the average cost method. The value of the cost of ending inventory at 31 March 2021 is $__________.
c) Assume that the company uses the LIFO method. The value of the cost of sales at 31 March 2021 is $__________.
(Type your response directly into the template in the text box below. Alternatively, you may draft your response in Excel or Word and copy and paste)
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