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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Acknowledge the role of governmental bodies and regulations in addressing and mitigating environmental damage.

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