The following information is available for Quest Company: Mar....
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Accounting
The following information is available for Quest Company:
| Mar. 1 | Beginning inventory | 15 units @ $12.00 per unit |
| Mar. 9 | Purchase | 10 units @ $16.00 per unit |
| Mar. 14 | Sale | 6 units |
| Mar. 20 | Purchase | 6 units@ $18.00 per unit |
| Mar. 26 | Sale | 9 units |
Required:
Answer the following questions for Quest Company:
| a. | If FIFO is in use, what is the ending inventory in dollars? | |
| b. | If periodic LIFO is in use, what is the cost of goods sold? | |
| c. | If moving average is in use, what is the ending inventory in dollars (round calculations to the nearest cent)? | |
| d. | If weighted average is in use, what is the ending inventory in dollars (round unit cost to the nearest tenth of a cent)? |
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