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

Question:

The Webster Store shows the following information relating to one of its products.
Inventory, January 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .250 units @ $17.00
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 under a periodic inventory system assuming a
(1) FIFO,
(2) LIFO, and
(3) Average cost flow?
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 =...