The Units of Product YY2 Available for Sale During the Year

question 17

Essay

The units of Product YY2 available for sale during the year were as follows:
$\begin{array}{lll}\$ 30 \text { each } & \text { at } & 16 \text { units }&\text { Inventory } & \text { Apr. } 1 \\\$ 33 \text { each } & \text { at } & 30 \text { units } &\text { Purchase } & \text { Jun. } 16 \\\$ 37 \text { each } & \text { at } & 45 \text { units }&\text { Purchase } & \text { Sep. } 28\end{array}$
There are 17 units of the product in the physical ending inventory at March 31. The periodic inventory system is used. Determine the ending inventory cost by (a) FIFO, (b) LIFO, and (c) average cost methods.

---

Definitions:

Accrual

Involves recording revenues and expenses when they are incurred, regardless of when cash transactions occur.

Disclosure

The act of making new or important information known, especially facts that may influence a decision or affect the perception of a situation.

Debt-Paying Ability

A measure of a company's financial capacity to meet its long-term obligations, indicating its financial stability and risk level.

Quick Ratio

A financial metric indicating a company's ability to meet short-term obligations with its most liquid assets, providing insight into financial health.