A review of the accounting records of the Danzee Company yields the following information concerning inventory: Jan. 1, 500 units at $6.00 Mar. 28, purchase 600 units at $7.00 May 15, purchase 700 units at $8.00 July 6, purchase 400 units at $7.50 Oct. 19, purchase 350 units at $8.50 On December 31, a physical inventory was taken and showed 600 units on hand REQUIRED:Assuming a periodic inventory system, compute the dollar value of ending inventory using (A) FIFO; (B) LIFO; (C) weighed average. B) FIFIO - $4,850      LFI - $3,800     Average - $4,416   A) FIFIO - $4,875      LFI - $3,700       Average - $4,500

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Q: Hansaben

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Q: Assume that Morgan Company uses a periodic inventory system and has these account balances:…

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A: Step 1: FIFO or First-in, First-out method assumes that the goods first purchased are first sold.…

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Q: Determine the inventory cost using the average cost method. (Round to nearest whole dollar)

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.