# Preparation Of Average Cost Of Inventory

Question

Given the following information about purchases and sales during the year, compute the cost to be assigned to ending inventory under each of three methods: (a) average-cost, (b) FIFO, and (c) LIFO.

Assume that a periodic inventory system is used.

 1 Beginning inventory 225 items @ \$3 = \$   675 May 1 Purchases 675 items @ \$6 = 4,050 Totals 900 items \$4,725 Total sales 450 items 31 Ending inventory 450 items

Total Word Count 33

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