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Solution Library
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.
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1 |
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Beginning inventory |
225 items @ $3 = |
$ 675 |
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May |
1 |
|
Purchases |
675 items @ $6 = |
4,050 |
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Totals |
900 items |
$4,725 |
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Total sales |
450 items |
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31 |
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Ending inventory |
450 items |
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Total Word Count 33
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