Faster Company Uses the Periodic Inventory Method and Had the Following

question 190

Essay

Faster 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 55 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 $__________.
4. Assume that the company uses the FIFO method. The value of the cost of goods sold at December 31 is $__________.

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Definitions:

Property Qualifications

Requirements that individuals must own a certain amount of property or wealth to be eligible for specific rights or positions, such as voting or holding public office.

Lower Orders

Refers to people of lower social, economic, or political status in a given society, often used historically.

Colonies-Turned-States

Refers to former colonies that transitioned into becoming states, particularly in contexts like the United States where British colonies gained independence and statehood.