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

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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.)


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 =...
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Related Book For  answer-question

Intermediate Accounting

ISBN: 978-0324592375

17th Edition

Authors: James D. Stice, Earl K. Stice, Fred Skousen

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