The Webster Store shows the following information relating to one of its products. Inventory, January 1 .
Question:
The Webster Store shows the following information relating to one of its products.
Inventory, January 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 units @ $17.50
Sales, January 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 units
Purchases, January 10 . . . . . . . . . . . . . . . . . . . . . . . . . . 900 units @ $18.00
Sales, January 18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 units
Purchases, January 20 . . . . . . . . . . . . . . . . . . . . . . . . . . 1,200 units @ $19.50
Sales, January 25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 units
What are the values of ending inventory under a periodic inventory system assuming a
(1) FIFO,
(2) LIFO
(3) Average cost flow? (Round unit costs to three decimal places.)
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...
Step by Step Answer:
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen