Compute the cost to be assigned to ending inventory for each of the methods indicated...
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Accounting
Compute the cost to be assigned to ending inventory for each of the methods indicated given the following information about purchases and sales during the year. (Do not round intermediate calculations. Round final answers to 0 decimal places, e.g. 2,520.)
January | 1 | Beginning Inventory | 145 | items @ $3 | = | $435 | ||||
May | 1 | Purchases | 440 | items @ $5 | = | 2,200 | ||||
Total Available | 585 | items | $2,635 | |||||||
Total Sales | 430 | items | ||||||||
December | 31 | Ending Inventory | 155 |
Cost assigned on an average-cost basis | $ | ||
Cost assigned on a FIFO basis | $ | ||
Costs assigned on a LIFO basis | $ |
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