Using FIFO, LIFO and weighted average, what is the ending cost of inventory? Be sure to show
Question:
Using FIFO, LIFO and weighted average, what is the ending cost of inventory? Be sure to show your work. Inventory Valuation Practice Problem XYZ Central Billing Office purchased magnetic storage disks on the following dates and amounts.
Units | Price ($) | Total ($)
January 1 beginning balance 10 15 150
March 1 purchase 30 14 420
May 1 purchase 40 14 560
July 1 purchase 10 13 130
September 1 purchase 20 12 240
November 1 purchase 10 12 120
Total Units purchased are 120
Total $1,620
Ending inventory on Dec. 31, 35 units
Using FIFO, LIFO and weighted average, what is the ending cost of inventory? Be sure to show your work.
Expert Answer:
To calculate the ending cost of inventory using FIFO FirstInFirstOut LIFO LastInFirstOut and weighte... View the full answer
