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There are 10 units in ending inventory compute the value of the ending inventory using the periodic...

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Accounting

There are 10 units in ending inventory compute the value ofthe ending inventory
using the periodic inventory method. Compute the answer usingFIFO, LIFO and the average
cost methods. (round your answer to the nearest wholenumber)
Price Cost
Number Per Per
Date Transaction of units unit Purchase
Apr. 3 Inventory 2 10 20
8 Purchase 2 15 30
11 Purchase 3 20 60
30 Purchase 2 25 50
May 8 Purchase 3 25 75
10 Purchase 3 30 90
19 Purchase 3 30 90
28 Purchase 3 35 105
June 5 Purchase 3 40 120
16 Purchase 4 40 160
21 Purchase 4 45 180
28 Purchase 3 50 150

Answer & Explanation Solved by verified expert
3.8 Ratings (641 Votes)

Date Particulars Units   Cost Amount
Apr03 Beginning Inventory                         2.00                       10.00                       20.00
Apr08 Purchase                         2.00                       15.00                       30.00
Apr 11 Purchase                         3.00                       20.00                       60.00
Apr 30 Purchase                         2.00                       25.00                       50.00
May 08 Purchase                         3.00                       25.00                       75.00
May 10 Purchase                         3.00                       30.00                       90.00
May 19 Purchase                         3.00                       30.00                       90.00
May 28 Purchase                         3.00                       35.00                    105.00
June 05 Purchase                         3.00                       40.00                    120.00
June 16 Purchase                         4.00                       40.00                    160.00
June 21 Purchase                         4.00                       45.00                    180.00
June 28 Purchase                         3.00                       50.00                    150.00
Total                       35.00                       32.29                 1,130.00
Ending Inventory using FIFO = 3*50 + 4*45 + 3*40                                             450.00
Ending Inventory using LIFO = 2*10+2*15+3*20+2*25+1*25                                             185.00
Ending Inventory using Average cost =10*32.29                                                   323

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