Given the Following Information About Purchases and Sales During the Year,compute

question 52

Essay

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.)
$\begin{array}{lrl}\text { Jan. } & 1 & \text { Beginning inventory }&\text {150 items@\$3=}&\$450\\\text { May } & 1 & \text { Purchases } &\text {450 items \( \$ 6= \)}&2700\\& & \text { Totals } & \text { 600 items}&\$3,150\\& & \text { Total sales }& \text { 300 items} \\\text { Dec. } & 31 & \text { Ending inventory }& \text { 300 items}\end{array}$

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Definitions:

Consistent

Acting or done in the same way over time, especially to maintain fairness or accuracy.

Ineffective Health Maintenance

An individual's inability to manage and sustain health-promoting practices and routines.

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The force exerted by circulating blood on the walls of blood vessels, a critical indicator of cardiovascular health.

Medication

Substances used in the diagnosis, treatment, or prevention of diseases, usually comprising prescribed or over-the-counter drugs.