Given the following information about purchases and sales during the year,compute the cost to be assigned to ending inventory under each of three methods: (a)average-cost,(b)FIFO,and (c)LIFO.Assume the periodic inventory system is used.(Show your work.)
Definitions:
Perfect Competitor
An idealized market structure in which many firms produce identical products, entry and exit are easy, and all participants have perfect information.
Long Run
A period in economics in which all factors of production and costs are variable, allowing for full adjustment to change.
Marginal Cost
The increase in total cost that arises from an extra unit of production.
Total Revenues
Total Revenues refer to the total receipts from sales of goods or services by a company before any expenses are subtracted.
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