Using the Following Information Calculate the Ending Inventory Balance and the Cost

question 49

Essay

Using the following information calculate the ending inventory balance and the cost of goods sold expense that would be reported at the end of the year if the following inventory valuation methods are used:
a.Average cost
b.FIFO
c.LIFO
$\begin{array}{lrr}&\text { Units } & \text { Purchase Price }\\\text { Beginning inventory } & 100 & \$ 25 \\\text { Purchase \#1 } & 80 & \$ 26 \\\text { Purchase \#2 } & 160 & \$ 23 \\\text { Purchase \#3 } & 90 & \$ 24 \\\text { Sales } & 260 &\end{array}$

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Definitions:

Exhalation

The process of breathing out, expelling air rich in carbon dioxide from the lungs to the outside environment.

Alveoli

Tiny air sacs in the lungs where gas exchange between the air and blood occurs.

Tissues

Groups of cells within an organism that work together to perform a specific function.

Oxygen Concentration

The amount of oxygen present in a given environment, often measured in terms of percentage or partial pressure.