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What is question 3s ending inventory. Inventory Costing Methods Morrison Inc. reported the following information for the month of October: Inventory, October 1 63 units
What is question 3s ending inventory.
Inventory Costing Methods Morrison Inc. reported the following information for the month of October: Inventory, October 1 63 units @ $20 Purchase: October 7 54 units @ $21 October 18 64 units @ $22 October 27 47 units @ $23 During October, Morrison sold 144 units. The company uses a periodic inventory system. Required: What is the value of ending inventory and cost of goods sold for October under the following assumptions. Assumption Cost of Goods Sold 1. Of the 144 units sold, 53 cost $20, 38 cost $21, 48 cost $22, and 5 cost $23. 3,029 2. FIFO 2,988 Ending Inventory 1,854 $ 1,895 3. LIFO 3,182 $ 1,743 X 4. Weighted average method (Round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest dollar.) 3,084 $ 1,799Step by Step Solution
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