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

question 109

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.
$\begin{array}{rlll}\text { Dec. } &1 & \text { Beginning inventory } & 70 \text { units @\$14 } \\&9 & \text { Purchases } & 30 \text { units @ \$16 } \\&17 & \text { Sales } & 25 \text { units } \\&22 & \text { Purchases } & 15 \text { units @ \$18 } \\&27 & \text { Sales } & 40 \text { units }\end{array}$

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Definitions:

Appendix

A small tube-shaped sac attached to the lower end of the large intestine, whose function in humans is considered vestigial.

Normal

Refers to what is considered usual, typical, or standard within a specific context or by societal norms.

Statistical Probability

The likelihood of an event occurring, measured on a scale from 0 to 1, where 0 means the event cannot happen and 1 means it will certainly happen.

Clinically Significant

A degree of significance in medical findings or outcomes that indicates an important change, especially in the diagnosis or treatment of a condition.