Hanlin Company Uses the Periodic Inventory System to Account for Inventories

question 106

Essay

Hanlin Company uses the periodic inventory system to account for inventories. Information related to Hanlin Company's inventory at January 31 is given below: Instructions
1. Show computations to value the ending inventory using the FIFO cost assumption if 600 units remain on hand at January 31.
2. Show computations to value the ending inventory using the weighted-average cost method if 600 units remain on hand at January 31.
3. Show computations to value the ending inventory using the LIFO cost assumption if 600 units remain on hand at January 31.

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Definitions:

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