Units Unit Cost Total Cost 1/1 Beginning Inventory 126 $7 $882 1/20 Purchase 504 $8 4,032...

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Units Unit Cost Total Cost 1/1 Beginning Inventory 126 $7 $882 1/20 Purchase 504 $8 4,032 7/25 Purchase 252 $9 2,268 10/20 Purchase 378 $10 3,780 1,260 $10,962 A physical count of inventory on December 31 revealed that there were 610 units on hand. Answer the following independent questions. (Round average per unit cost to 2 decimal places, e.g. 15.25 and other answers to O decimal places, e.g. 1,525.) Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is Assume that the company uses the Average-Cost method. The value of the ending inventory on December 31 is Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is Determine the difference in the amount of income that the company would have reported if it had used the FIFO method instead of th Would income have been greater or less? S Units Unit Cost Total Cost 1/1 Beginning Inventory 126 $7 $882 1/20 Purchase 504 $8 4,032 7/25 Purchase 252 $9 2,268 10/20 Purchase 378 $10 3,780 1,260 $10,962 A physical count of inventory on December 31 revealed that there were 610 units on hand. Answer the following independent questions. (Round average per unit cost to 2 decimal places, e.g. 15.25 and other answers to O decimal places, e.g. 1,525.) Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is Assume that the company uses the Average-Cost method. The value of the ending inventory on December 31 is Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is Determine the difference in the amount of income that the company would have reported if it had used the FIFO method instead of th Would income have been greater or less? S

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Inventory Valuation under Different Methods Given Units on hand at December 31 610 Inventory data Da... View the full answer