Mathematics, 10.10.2021 15:40 mayaduke9482

The following units of an inventory item were available for sale during the year: Unit Unit Cost
Beginning inventory 15 $55
First purchase 25 60
Second purchase 30 65
Third purchase 19 70
The firm uses the periodic inventory system. During the year, 65 units of the item were sold.

The value of ending inventory using FIFO is

The following units of an inventory item were available for sale during the year:

Unit Unit Cost
Beginning inventory 14 $55
First purchase 28 60
Second purchase 33 65
Third purchase 16 70
The firm uses the periodic inventory system. During the year, 65 units of the item were sold.

The value of ending inventory using LIFO is

The following units of an inventory item were available for sale during the year:

Unit Unit Cost
Beginning inventory 11 $55
First purchase 30 60
Second purchase 34 65
Third purchase 19 70
The firm uses the periodic inventory system. During the year, 61 units of the item were sold.

The value of ending inventory rounded to nearest dollar using average cost is:

Answers: 3

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The following units of an inventory item were available for sale during the year: Unit Unit Cost