Hixenbaugh Company uses the periodic inventory system to account for inventories. Information related to Hixenbaugh Company's inventory at October 31 is given below: 
On October 31 there were 500 units on hand.
Instructions
a. Show calculations to value the ending inventory using FIFO.
b. Show calculations to value the ending inventory using average.
Definitions:
Flexible Budget
A budget that adjusts or flexes with changes in volume or activity levels, allowing for more precise cost control.
Food And Supplies
These are consumable items bought and used in the operations of businesses, particularly in the restaurant and hospitality industries.
Tenant-Days
A measure used in property management representing the sum total of days each tenant occupies a space over a certain period.
Spending Variance
The difference between the actual amount spent and the budgeted amount for a particular item or category.
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