The Following Information Was Provided to Mel Blank, Owner of Morse

question 90

Short Answer

The following information was provided to Mel Blank, owner of Morse Market. Can you help Mel calculate the cost of ending inventory under LIFO, FIFO, and weighted average? During the year, a total of 1,200 were sold.
$$\begin{array} { | l | l | } \hline \text { January } 1 \text { inventory } & 500 \text { at } \$ 2 \\\hline \text { April } 10 & 300 \text { at } \$ 3 \\\hline \text { June 20 } & 500 \text { at } \$ 4 \\\hline \text { August 1 } & 200 \text { at } \$ 5 \\\hline \text { November 15 } & 100 \text { at } \$ 11 \\\hline\end{array}$$

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Definitions:

Storage

Holding on to information for some period of time.

Decay Theory

A theory suggesting that memories fade over time due to the mere passage of time, leading to forgetting.

Forgetting

The inability to recall or retrieve information that was once stored in the memory.

Time

The indefinite continued progress of existence and events in the past, present, and future regarded as a whole.