The Following Is the Inventory for the Year of Intrepid

question 82

Short Answer

The following is the inventory for the year of Intrepid Enterprises: $$\begin{array} { l l l l } \text { Date } & \text { Units } & \text { Cost per unit } & \text { Total Cost } \\\hline \text { Beginning inventory, Jan. 1 } & 10 & \$ 100 & \$ 1,000 \\\text { Purchase, June 15 } & 15 & \$ 108 & \$ 1,620 \\\text { Purchase, August 28 } & 20 & \$ 120 & \$ 2,400 \\\text { Purchase, December 15 } & 10 & \$ 125 & \$ 1,250 \\\hline \text { Total Units Available } & 55 & & \$ 6,270\end{array}$$ The ending inventory for Intrepid Enterprises consisted of 12 units valued at $1,216. Which of the three value methods was used to value this ending inventory, LIFO, FIFO, or average cost?

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Nongovernmental Organization

An independent organization not affiliated with any government, usually serving a social or environmental purpose.

Making Money

The process of earning a profit or revenue, typically through business activities, employment, or investments.

Nonprofit Organization

An entity that operates for a purpose other than to make profits for its owners, often focused on social, charitable, or community goals.

For-Profit Organization

An organization that operates with the main goal of making a profit, typically by selling goods or services.