Question: Avant Corporation s November inventory activity follows Avant uses a periodic

Avant Corporation's November inventory activity follows. Avant uses a periodic inventory system.
a. Compute the ending inventory and cost of goods sold under the FIFO, LIFO, and weighted average costing assumptions. For the weighted average method, round the unit average to the nearest penny and the cost of goods sold and ending inventory values to the nearest dollar.
b. Which costing assumption gives the highest ending inventory? Highest cost of goods sold? Why?
c. Explain why the average item cost is not $60 under the weighted average costing assumption.

Sale on SolutionInn
  • CreatedJuly 16, 2015
  • Files Included
Post your question