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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Comments

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