Use the following information.

Dec. 1 Beginning Inventory 70 units @ $28

Dec. 9 Purchases 30 units @ $32

Dec. 17 Sales 25 units

Dec 22 Purchases 15 units @ $36

Dec 27 Sales 40 units

Calculate ending inventory on (a) a LIFO basis, (b) a FIFO basis, and (c) an average-cost basis. Assume a perpetual inventory system. For the Average-cost method, round per unit calculations to the nearest cent. Round your answer to the nearest dollar. Ending Inventory a. LIFO $ b. FIFO $ c. Average-Cost $

Answer rating: 100% (QA)

Units Price Beginning inventory Dec01 70 28 Purchases Dec09 30 32 Sales Dec1... View the full answer