A Beginning Inventory and Purchases of Computer Parts Follow Required: Determine the Cost of an Ending Inventory of 6

question 66

Short Answer

A beginning inventory and purchases of computer parts follow:
$$\begin{array} { l r } \text { Beginuning inventory } & 10 @ \$ 10 \\\text { First purchase } & 14 @ \$ 12 \\\text { Second purchase } & 8 @ \$ 16\end{array}$$
Required: Determine the cost of an ending inventory of 6 computer parts remaining in the periodic inventory under each of the assumptions listed.Round to three decimal places.
a)________ FIFO
b)________ LIFO
c)________ Weighted-average

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Definitions:

Blood Fluke

A parasitic flatworm, belonging to the genus Schistosoma, that lives in the blood vessels of humans and animals and causes schistosomiasis.

Proboscis

A lengthy extension from an animal's head, especially seen in insects, utilized for nourishment or perception.

Nemerteans

A phylum of invertebrate animals, also known as ribbon worms, characterized by their long, slender bodies and a proboscis used for hunting.

Lophophore

A unique feeding structure bearing ciliated tentacles, found in certain invertebrate phyla.