Calculate the Ending Inventory Under Each of the Following Methods

question 72

Essay

Calculate the ending inventory under each of the following methods given the information below about purchases and sales during the year. Assume a periodic inventory system.
Sales for April: 115 units
a)________ FIFO
b)________ LIFO
c)________ Weighted-average

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Definitions:

Sole Proprietor

A business owned and operated by a single individual, with no legal distinction between the owner and the business entity.

Deduct Business Losses

The process of reducing taxable income by the amount of losses incurred by a business during a financial period.

Charging-Order Creditor

A creditor's legal right to attach a debtor's interest in an LLC or partnership, as a means to satisfy the debtor's outstanding obligation.

Lien Creditor

A creditor who has a legal right or claim against a debtor's property as security for a debt or charge.