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Whiskey Alpha Juliette Ltd uses the periodic inventory method and had the following inventory information available: Date Detail Units Unit Cost $ 1/2/2021 Inventory 3,000
Whiskey Alpha Juliette Ltd uses the periodic inventory method and had the following inventory information available: Date Detail Units Unit Cost $ 1/2/2021 Inventory 3,000 90 5/2/2021 Purchase 5,000 92 14/2/2021 19/2/2021 Purchase 3,500 96 Purchase 1,800 98 A physical count of inventory on 28 February 2021 revealed that there were 1,900 units on hand. Ignore GST. Required: Answer the following independent questions. 1. Assume that the company uses the FIFO method. The value of the ending inventory at 28 February 2021 is $ 2. Assume that the company uses the average cost method. The value of the ending inventory on 28 February 2021 is $ 3. Assume that the company uses the LIFO method. The value of the ending inventory on 28 February 2021 is $ ________. (1 mark) . (1 mark) _. (1 mark) 4. In no more than 200 words explain the impact on Whiskey Alpha Juliette Ltd's Financial Statements (including both the Statement of Profit or Loss and the Statement of Financial Position) of using the FIFO method of inventory valuation. (2 marks) Type your response directly into the template in the text box below. Round all answers to the nearest dollar ($)
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