### Inventory Cost Calculation under Different Cost Flow AssumptionsWhen using the periodic inventory method, calculate the inventory cost at July 31 under each of the following cost flow assumptions:- **(1) FIFO (First-In, First-Out)**- **(2) LIFO (Last-In, First-Out)**- **(3) Weighted-average****Instructions:** Round your answers to 0 decimal places (e.g., 6,578).**Table Template:**| | (1) FIFO | (2) LIFO | (3) Weighted-Average ||-------------------|----------|----------|----------------------|| Ending Inventory at July 31 | $ | $ | $ |Use this framework to compute the inventory costs and input the calculations into the corresponding columns. The table presents information related to Blowfish radios for the Waterway Company during the month of July.| Date | Transaction | Units In | Unit Cost | Total | Units Sold | Selling Price | Total ||------|-------------|----------|-----------|--------|------------|---------------|----------|| July 1 | Balance | 190 | $4.00 | $760 | | | || 6 | Purchase | 1,520 | 4.10 | 6,232 | | | || 7 | Sale | | | | 570 | $6.90 | $3,933 || 10 | Sale | | | | 570 | 7.20 | 4,104 || 12 | Purchase | 760 | 4.40 | 3,344 | | | || 15 | Sale | | | | 380 | 7.30 | 2,774 || 18 | Purchase | 570 | 4.50 | 2,565 | | | || 22 | Sale | | | | 760 | 7.30 | 5,548 || 25 | Purchase | 950 | 4.48 | 4,256 | | | || 30 | Sale | | | | 380 | 7.40 | 2,812 |**Totals** - Units In: 3,990 - Total Cost: $17,157 - Units Sold: 2,660 - Total Sales: $19,171 This table provides a comprehensive overview of the inventory transactions, including purchases and sales, along with the relevant costs and revenues associated with each transaction.

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Assuming that the periodic inventory method is used, compute the inventory cost at July 31 under each of the following cost flow assumptions. (Round answers to 0 decimal places, eg. 6,578.) (1) FIFO. (2) LIFO. (3) Weighted-average.

Assuming that the periodic inventory method is used, compute the inventory cost at July 31 under each of the following cost flow assumptions. (Round answers to 0 decimal places, eg. 6,578.) (1) FIFO. (2) LIFO. (3) Weighted-average.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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