Question: Fast Mart C - Store, a regional convenience store chain, maintains milk inventory by the gallon. The first month's milk purchases and sales at its
Fast Mart CStore, a regional convenience store chain, maintains milk inventory by the gallon. The first month's milk purchases and sales at its Flushing, Michigan, location follow: View the purchases and sales.
Read the requirements.
Purchases and sales
Nov. Purchased gallons @ $ each
Nov. Purchased gallons @ $ each
Nov. Sold gallons of milk to a customer
Nov. Purchased gallons @ $ each
Nov. 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, $XXX
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