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The Units of Product YY2 Available for Sale During the Year

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The units of Product YY2 available for sale during the year were as follows:  Apr. 1  Inventory 16 units  at $30 each  Jun. 16  Purchase 30 units  at $33 each  Sep. 28  Purchase 45 units  at $37 each \begin{array} { l l l l l } \text { Apr. 1 } & \text { Inventory } & 16 \text { units } & \text { at } & \$ 30 \text { each } \\\text { Jun. 16 } & \text { Purchase } & 30 \text { units } & \text { at } & \$ 33 \text { each } \\\text { Sep. 28 } & \text { Purchase } & 45 \text { units } & \text { at } & \$ 37 \text { each }\end{array} ?
There are 17 units of the product in the physical ending inventory at March 31.The periodic inventory system is used.Determine the ending inventory cost by (a) FIFO, (b) LIFO, and (c) average cost methods.

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Definitions:

Auto Loan

Financing specifically designed to allow individuals to purchase vehicles by borrowing money which is then paid back over time.

Loan Broker

An intermediary who assesses a borrower's needs and matches them with potential lenders, facilitating the process of obtaining a loan.

Auto Dealer

A business that sells new or used automobiles at the retail level, typically based on a dealership contract with an automaker or sales subsidiary.

Obligor

An obligor, in a financial context, refers to the party who is legally bound, or obligated, to make a payment or fulfill a contract term to another party, the obligee.

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