Clarke Company Uses the Periodic Inventory Method and Had the Following

question 145

Essay

Clarke Company 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.
Instructions
Answer the following independent questions and show computations supporting your answers.
1. Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is $__________.
2. Assume that the company uses the Average-Cost method. The value of the ending inventory on December 31 is $__________.
3. Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is $__________.

---

Definitions:

Customer Contacts

Interactions or communications between a business and its customers through various channels like phone, email, or in-person visits.

Input-Related

Pertains to factors, resources, or materials that are required for the production process or service delivery.

Sales Objective

A specific goal set by a business or sales team aimed at increasing the quantity or quality of sales over a certain period.

Salesforce Evaluation

The process of analyzing and assessing the performance and effectiveness of a company's sales force and implementing improvements based on the assessment.