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.(Show your work. )
Assuming that a periodic inventory system is used
Definitions:
Master Budget
A number of separate but interdependent budgets that formally lay out the company’s sales, production, and financial goals and that culminates in a cash budget, budgeted income statement, and budgeted balance sheet.
Master Budget
A comprehensive financial plan that includes all of the smaller budgets within a company, projecting all of its financial activities for a fiscal year.
Interdependent Budgets
Budgets that are connected and rely on figures from each other, illustrating the financial and operational relationships within an organization.
Production Budget
A detailed plan showing the number of units that must be produced during a period in order to satisfy both sales and inventory needs.
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