Question: Richmond Corporation had the following transactions relating to product AB during September. Determine the ending inventory value under each of the following costing methods: 1.

Richmond Corporation had the following transactions relating to product AB during September.

Determine the ending inventory value under each of the following costing methods:

1. FIFO (perpetual)

2. FIFO (periodic)

3. LIFO (perpetual)

4. LIFO (periodic)

Date Units Unit Cost September Balance on hand 500 units 100 units 300 units 200 units 200 units 200 units 200 units $5.00 4.50 6 Purchase 12 Sale... 13 Sale 18 Purchase 20 Purchase... 25 Sale 6.00 4.00

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