Determine ending inventory under (1) specific identification, (2) FIFO, (3) LIFO, and (4) average-cost Calculate price index Determine ending inventory using dollar-value LIFO. Assume that the December 2, 2017, purchase cost is the current cost of inventory. (Hint: The beginning inventory is the base layer priced at $24 per unit.) (Round answer to 0 decimal places, e.g. 2,760.)Ending inventory at dollar-value LIFO $ Swifty Corporation began operations on December 1, 2016. The only inventory transaction in 2016 was the purchase of inventory on December 10, 2016, at a cost of $24 per unit. None of this inventory was sold in 2016. Relevant information isas follows.Ending inventory unitsDecember 31, 2016175December 31, 2017, by purchase dateDecember 2, 2017175July 20, 201750225During the year 2017, the following purchases and sales were made.PurchasesSalesMarch 15375 units at $28April 10275July 20375 units at30August 20375September 4 275 units at33November 18 225December 2 175 units at35December 12 275The company uses the periodic inventory method.Calculate average-cost per unit. (Round answer to 2 decimal places, e.e. 2.76.)Average-cost$Determine ending inventory under (1) specific identification, (2) FIFO, (3) LIFO, and (4) average-cost. (Round answers to 0 decimal places, e.g. 2,760.)Specific IdentificationFIFOLIFOAverage-CostEnding Inventory$1$Calculate price index. (Round answer to 4 decimal places, e.g. 2.7653.)Price IndexDetermine ending inventory using dollar-value LIFO. Assume that the December 2, 2017, purchase cost is the current cost of inventory. (Hint: The beginning inventory is the base layer priced at $24 per unit.) (Round answer to 0 decimalplaces, e.g. 2,760.)Ending inventory at dollar-value LIFO

Name: Determine ending inventory under (1) specific identification, (2) FIFO
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Determine ending inventory under (1) specific identification, (2) FIFO, (3) LIFO, and (4) average-cost Calculate price index Determine ending inventory using dollar-value LIFO. Assume that the December 2, 2017, purchase cost is the current cost of in