Calculate the Ending Inventory Under Each of the Following Methods

question 78

Short Answer

Calculate the ending inventory under each of the following methods given the information below about purchases and sales during the year.Assume a periodic inventory system.Round to four decimal places.
$\begin{array}{rll}\text { April } 1 & \text { Beginning inventory } & 60 \text { units } @ \$ 30 \\11 & \text { Furchases } & 80 \text { urits } @ \$ 32 \\21 & \text { Purchases } & 30 \text { urits } @ \$ 35\end{array}$
Sales for April: 115 units
a)________ FIFO
b)________ LIFO
c)________ Weighted-average

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