Calculate the Ending Inventory Under Each of the Following Methods

question 37

Essay

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. Sales for April: 115 units
a) ________ FIFO
b) ________ LIFO
c) ________ Weighted-average

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Definitions:

Sales Mix

Sales mix is the proportion of different products or services that a company sells, impacting its overall profitability and strategic market positioning.

Contribution Margin

The amount remaining from sales revenue after variable costs have been deducted, indicating the capacity to cover fixed costs and generate profit.

Fixed Costs

Costs that do not vary with the level of production or sales within a certain range, such as rent, salaries, and insurance.

Variable Cost

A cost that varies with the level of output or activity, such as materials and labor costs.