The Geewhiz Company Uses the Perpetual Inventory System

question 122

Essay

The Geewhiz Company uses the perpetual inventory system.The Geewhiz Company has the following data available for the month of January:
Determine the cost of the ending inventory using the following methods:
a.FIFO
b.LIFO
c.Moving-average (Round per unit costs to four decimal places and all other dollar amounts to two decimal places.)

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Definitions:

Ties

Occurs when two or more elements in a dataset have the same value in the context of ranking or ordering.

Variable

A component, attribute, or aspect that has the potential to change or fluctuate.

Experimental Unit

The smallest unit or individual component to which a treatment or condition can be assigned in an experiment.

Quantitative Variable

A variable that quantifies an element or attribute and can be counted or measured, allowing for numerical representation and analysis.