A physical count indicates 22 units in inventory at year-end. Determine the cost of the ending inventory and cost of goods sold on the basis of each of the following methods of inventory valuation. Average cost FIFO LIFO
ABC Products uses a periodic inventory system. The company’s records show the beginning inventory of oil filters on January 1 and the purchases of this item during the current year to be as follows:
Jan 1 Beginning Inventory ……………………………. 19 units at Rs 30
Feb 23 Purchase ………………………………………… 12 units at Rs 35
Apr 20 Purchase ………………………………………... 30 units at Rs 38
May 4 Purchase ………………………………………... 40 units at Rs 45
Nov.30 Purchase ………………………………………... 9 units at Rs 50
A physical count indicates 22 units in inventory at year-end. Determine the cost of the ending inventory and cost of goods sold on the basis of each of the following methods of
- Average cost
- FIFO
- LIFO
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