Information about Thompson Company's inventory of one item follows. Compute the cost of the ending inventory under

Question:

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 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

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 =...