Miller Corporation Uses the Periodic Inventory Method and Had the Following

question 140

Essay

Miller Corporation uses the periodic inventory method and had the following inventory information
available:
A physical count of inventory on December 31 revealed that there were 350 units on hand. Requirements:
Answer the following independent questions and show calculations supporting your answers.
1. Assume that the company uses FIFO. The value of the ending inventory at December 31 is
$________.
2. Assume that the company uses average cost. The value of the ending inventory on December 31 is
$________.
3. Determine the difference in the amount of profit that the company would have reported if it had used FIFO instead of average cost. Would profit have been greater or less?

---

Definitions:

Confederate Army

The military force representing the Confederate States of America during the American Civil War (1861-1865), which fought against the Union.

Hospital Attendants

Healthcare workers responsible for the non-medical care of patients, such as helping with basic needs and ensuring comfort in hospitals.

Female Contrabands

Refers to women and girls who escaped slavery and sought protection behind Union lines during the Civil War.

Susi King Taylor

An African-American teacher and nurse who served as a teacher for freed African-Americans during and after the American Civil War.