Preparation Of Average Cost Of Inventory
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Question
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 that a periodic inventory system is used.
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1 |
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Beginning inventory |
225 items @ $3 = |
$ 675 |
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May |
1 |
|
Purchases |
675 items @ $6 = |
4,050 |
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Totals |
900 items |
$4,725 |
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Total sales |
450 items |
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31 |
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Ending inventory |
450 items |
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Total Word Count 33
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