Question: Answer the following problems completely (show your formulas). The pleasant meadows restaurant uses frozen ground beef packed in 10-pound poly bags for many of its

Answer the following problems completely (show your formulas).

The pleasant meadows restaurant uses frozen ground beef packed in 10-pound poly bags for many of its soup and casserole items. The per=-bag purchase cost of all bags received in January was $30. Use the following information to calculate the value of ground beef inventory at the end of January:

January 1 January 31

Inventory Count 17 bags 28 bags

Ending Inventory $28.00 $30.00

There were 37 bags purchased (delivered) during January

Calculate the value of ground beef inventory using the FIFO method
Calculate the value of ground beef inventory using the LIFO method
Calculate the value of ground beef inventory using the actual cost method (proper inventory rotation was used)
Calculate the value of ground beef inventory using the weighted average method

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