1. A company purchased 100 units for $20 each on January 31. It purchased 100 units for...

Question:

1. A company purchased 100 units for $20 each on January 31. It purchased 100 units for $30 on February 28, It sold a total of 150 units for $45 each from March 1 through December31. What is the amount of on December 31, if the company uses the first-in, first out (FIFO) inventory costing method? (Assume that the company uses a perpetual inventory system)
2. A company purchased 100 units for $20 each on January 31. It purchased 100 units for $30 on February 28, It sold a total of 150 units for $45 each from March 1 through December 31.If the company uses the last-in, first-out (LIFO) inventory costing method, calculate the amount of on December 31. (Assume the company uses a perpetual inventory system)
Ending Inventory
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 =...