Solved

Determine Ending Inventory Cost by (A) FIFO Method, (B) LIFO

Question 86

Essay

65 units at $6 each  Purchase  September 555 units at $8 each  Purchase  September 1344 units at $10 each  Purchase  September 2970 units  Ending Inventory  September 30\begin{array}{lll}65 \text { units at } \$ 6 \text { each } & \text { Purchase } & \text { September } 5 \\55 \text { units at } \$ 8 \text { each } & \text { Purchase } & \text { September } 13 \\44 \text { units at } \$ 10 \text { each } & \text { Purchase } & \text { September } 29 \\70 \text { units } & \text { Ending Inventory } & \text { September } 30\end{array} Determine ending inventory cost by (a) FIFO method, (b) LIFO method, and (c) average cost method.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents