Hixenbaugh Company uses the periodic inventory system to account for inventories. Information related to Hixenbaugh Company's...

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Hixenbaugh Company uses the periodic inventory system to account for inventories. Information related to Hixenbaugh Company's inventory at October 31 is given below: October 1 8 Beginning inventory Purchase 16 Purchase 24 Purchase Total units and cost 300 units @ $10.00 = $ 3,000 800 units @ $10.40 = 8,320 700 units @ $10.80 = 7,560 200 units @ $11.60 = 2,000 units 2,320 $21.200 On October 31 there were 500 units on hand. Instructions 1. Show calculations to value the ending inventory using FIFO. 2. Show calculations to value the ending inventory using average cost. 3. Show calculations to value the ending inventory using LIFO. Hixenbaugh Company uses the periodic inventory system to account for inventories. Information related to Hixenbaugh Company's inventory at October 31 is given below: October 1 8 Beginning inventory Purchase 16 Purchase 24 Purchase Total units and cost 300 units @ $10.00 = $ 3,000 800 units @ $10.40 = 8,320 700 units @ $10.80 = 7,560 200 units @ $11.60 = 2,000 units 2,320 $21.200 On October 31 there were 500 units on hand. Instructions 1. Show calculations to value the ending inventory using FIFO. 2. Show calculations to value the ending inventory using average cost. 3. Show calculations to value the ending inventory using LIFO.

Answer rating: 100% (QA)

Sure lets calculate the ending inventory using FIFO average cost and LIFO methods 1 FIFO First In Fi... View the full answer