The following data concerns inventory and purchases at Hinojosa Company. INSTRUCTIONS Determine the cost of the ending

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The following data concerns inventory and purchases at Hinojosa Company.


INSTRUCTIONS
Determine the cost of the ending inventory on January 31 under each of the following methods: 

(a) Average cost method; 

(b) First-in, first-out (FIFO) method; 

(c) Last-in, first-out (LIFO) method. When using the average cost method, compute the unit cost to two decimal places.

Analyze: Which inventory valuation method resulted in the highest dollar amount for ending inventory?

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Related Book For  book-img-for-question

College Accounting Chapters 1-30

ISBN: 9781260247909

16th Edition

Authors: David Haddock, John Price, Michael Farina

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