The following information is available for Clancy Company: Beginning inventory..............................600 units at $4 First purchase..................................900 units at

Question:

The following information is available for Clancy Company:
Beginning inventory..............................600 units at $4
First purchase..................................900 units at $6.50
Second purchase..............................500 units at $7.20
Assume that Clancy uses a periodic inventory system and that there are 760 units left at the end of the month.
Instructions
Compute the cost of under the
(a) FIFO method.
(b) LIFO method.
Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...