Use the following information. Dec. 1 Beginning Inventory 70 units @ $28 Dec. 9 Purchases 30 units
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Use the following information.
Dec. 1 Beginning Inventory 70 units @ $28
Dec. 9 Purchases 30 units @ $32
Dec. 17 Sales 25 units
Dec 22 Purchases 15 units @ $36
Dec 27 Sales 40 units
Calculate ending inventory on (a) a LIFO basis, (b) a FIFO basis, and (c) an average-cost basis. Assume a perpetual inventory system. For the Average-cost method, round per unit calculations to the nearest cent. Round your answer to the nearest dollar. Ending Inventory a. LIFO $ b. FIFO $ c. Average-Cost $
Related Book For
Fundamentals of Investments, Valuation and Management
ISBN: 978-1259720697
8th edition
Authors: Bradford Jordan, Thomas Miller, Steve Dolvin
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