Question: The Webster Store shows the following information relating to one of its products. Inventory, January 1 . . . . . . . . .

The Webster Store shows the following information relating to one of its products.

Inventory, January 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 units @ $17.50

Sales, January 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 units

Purchases, January 10 . . . . . . . . . . . . . . . . . . . . . . . . . . 900 units @ $18.00

Sales, January 18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 units

Purchases, January 20 . . . . . . . . . . . . . . . . . . . . . . . . . . 1,200 units @ $19.50

Sales, January 25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 units

What are the values of ending inventory under a periodic inventory system assuming a

(1) FIFO,

(2) LIFO

(3) Average cost flow? (Round unit costs to three decimal places.)


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