Question: Assuming that the periodic inventory method is used, compute the inventory cost at July 31 under each of the following cost flow assumptions. (Round answers
Assuming that the periodic inventory method is used, compute the inventory cost at July 31 under each of the following cost flow assumptions. (Round answers to 0 decimal places, e.g. 6,578.) (1) FIFO. (2) LIFO. (3) Weighted average. FIFO (2) LIFO (3) Weighted-Average $ $ 14,112 Presented below is information related to Blowfish radios for the Splish Company for the month of July Units In Unit Cost Transaction Units Sold Selling Price Total Total Date July 1 Balance 140 $4.50 $ 630 6 1,120 4.60 5,152 7 420 10 $7.00 7.30 $ 2,940 3,066 420 12 560 4.90 2,744 15 18 Purchase Sale Sale Purchase Sale Purchase Sale Purchase Sale Totals 280 7.40 2,072 420 5.00 2,100 22 560 7.40 4,144 25 700 4.98 3.486 30 280 7.50 2,940 $14.112 2.100 $14,322 1,960
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