The following scenario will be used for the next three questions. Thorin Corp. began operations in 2017. It is a merchandiser of a single item - Product Q and uses the Periodic Inventory method. The following relates to purchases of Product Q during 2017: Date Units Cost Per Unit Total Cost 1/02/17 400 $12 $4,800 1/16/17 300 $20 $6,000 3/18/17 600 $24 $14,400 6/25/17 300 $28 $8,400 10/16/17 300 $32 $9,600 12/16/17 100 $36 $3,600 Goods available for sale 2,000 $46,800 At 12/31/17, a physical inventory indicted 420 units of Product Q on hand. Flag question: Assuming the FIFO method, inventory should be reported in the 12/31/17 balance sheet at: Group of answer choices $5,040 $5,200 $13,760 $15,120 Flag question:  Assuming the Average Cost (Moving Average) method, inventory should be reported in the 12/31/17 balance sheet at: Group of answer choices $4,026 $5,200 $9,828 $13,760 Flag question:  Assuming the LIFO method, inventory should be reported in the 12/31/17 balance sheet at: Group of answer choices $5,040 $5,200 $9,828 $13,760

Answer rating: 100% (QA)

Under FIFO FirstInFirstOut the cost of goods sold and ending inventory are calculated based on the a... View the full answer