Practice 9 - 7 Inventory Valuation: FIFO, LIFO and AVERAGE

The company reported the following inventory data for the year:

Description	Units	Cost per Unit
Beginning inventory	300	$17.50
Purchases:
March 23	900	$18.00
September 16	1,200	$18.25
Units remaining at year-end	400

Compute (1) cost of goods sold and (2) ending inventory assuming (a) FIFO inventory valuation, (b) LIFO inventory valuation, and (c) average cost inventory valueation. The company uses a periodic inventory system.

QUESTION 2: Inventory Valuation: FIFO, LIFO and AVERAGE (refer to Practice 9-7)

Compute the ending inventory assuming the following methods:

a. FIFO inventory valuation

b. LIFO inventory valuation

c. Average Cost Inventory valuation

The company uses a periodic inventory system.

Submit your answer in the assignment section by 11:59pm Sunday, Week 3.