Zillow was formed on January 1, 2021. The following information is available in Zillow inventory records for Product C:

	Units	Cost per unit
January 1, 2021
Initial inventory	690	$7.76
Shopping:
January 14, 2021	1,294	8.63
May 19, 2021	1,035	9.06
September 29, 2021	518	9.49
December 15, 2021	776	9.92

A physical inventory as of December 31, 2021 shows 1,380 units available.

1. Calculate ending inventory as of December 31, 2021 using the FIFO method. (8 pts.)
2. Calculate ending inventory as of December 31, 2021 using the LIFO method. (6 pts.)
3. Calculate ending inventory as of December 31, 2021 using the average cost method. (6 pts.)

Answer rating: 100% (QA)

FIFO Method UnitsCost per unitTotal Cost January 1 2021690776547740 January 14 202112948631129412 M... View the full answer