Question

Express Lane, a regional convenience store chain, maintains milk inventory by the gallon. The first month’s milk purchases and sales at its Freeport, Florida, location follow:
Nov. 2 Purchased 8 gallons @ $ 2.00 each
6 Purchased 2 gallons @ $ 2.10 each
8 Sold 3 gallons of milk to a customer
13 Purchased 2 gallons @ $ 2.20 each
14 Sold 4 gallons of milk to a customer

Requirements
1. Determine the amount that would be reported in ending merchandise inventory on November 15 using the FIFO inventory costing method.
2. Determine the amount that would be reported in ending merchandise inventory on November 15 using the LIFO inventory costing method.
3. Determine the amount that would be reported in ending merchandise inventory on November 15 using the weighted- average inventory costing method. Round all amounts to the nearest cent.




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  • CreatedJanuary 16, 2015
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