Use the Following Information to Calculate Ending Inventory on (A)a

question 140

Essay

Use the following information to calculate ending inventory on (a)a LIFO basis,(b)a FIFO basis,and (c)an average-cost basis.Assume a perpetual inventory system.
Round answers to nearest dollar.
$\begin{array}{llll}\text { Dec. } & 1 & \text { Beginning inventory } & 70 \text { units @ } @ 14 \\& 9 & \text { Purchases } & 30 \text { units } @ \$ 16\\&17 & \text { Sales } & 25 \text { units } \\&22 & \text { Purchases } & 15 \text { units @\$18 } \\&27 & \text { Sales } & 40 \text { units } \end{array}$

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Definitions:

Dairy Products

Foods produced from the milk of mammals, such as cheese, yogurt, and butter, which are sources of nutrients like calcium, vitamin D, and protein.

Plant Foods

Foods derived from plants, including vegetables, fruits, grains, seeds, and nuts, known for their health-promoting nutrients and fiber.

Nutritional Choices

Refers to the selection of foods and beverages that provide necessary nutrients for maintenance of health and well-being.

Skip Breakfast

The practice of not eating the first meal of the day, which can affect metabolism and energy levels.