Information about Thompson Company s inventory of one item follows. Compute the cost of the ending inventory under (1) the average cost method (round unit cost to the nearest cent), (2) the FIFO method, and (3) the LIFO method. Explanation Number of Units Unit Cost Beginning inventory, January 1..............230.............................$365 Purchases: April.............................................270..............................370 August...........................................290..............................375 October..........................................240..............................377 Ending inventory, December 31..............230..................................

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Ending inventory under Average cost method Jan1 Inventory 230 365 Purchas... View the full answer