Question: E - F: 6 - 1 5 Comparing inventory methods Super Mart, a regional convenience store chain, maintains milk inventory by the gallon. The first
EF: Comparing inventory methods
Super Mart, a regional convenience store chain, maintains milk inventory by the gallon. The first month's milk purchases and sales at its Freeport, Florida, location follow:
Nov. Purchased gallons @ $ each
Purchased gallons @ $ each
Sold gallons of milk to a customer
Purchased gallons @ $ each
Sold gallons of milk to a customer
Requirements
Determine the amount that would be reported in ending merchandise inventory on November using the FIFO inventory costing method.
Determine the amount that would be reported in ending merchandise inventory on November using the LIFO inventory costing method.
Determine the amount that would be reported in ending merchandise inventory on November using the weightedaverage inventory costing method. Round all amounts to the nearest cent.
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