E6-15 Comparing inventory methods Super Mart, a regional convenience store chain, maintains milk inventory by the gallon. The first month’s milk purchases and sales at its Freeport ,Florida location follow: Nov 2. Purchased 11 gallons @ $2.15 each Nov. 6 Purchased 2 gallons @ $2.80 each Nov. 8 Sold 6 gallons of milk to a customer Nov 13. Purchased 3 gallon @ $2.85 each Nov 14. Sold 4 gallons of milk to a customer Requirements Determine the amount that would be reported in ending merchandise inventory on January 15 using the FIFO inventory costing method. Determine the amount that would be reported in ending merchandise inventory onJanuary 15 using the LIFO inventory costing method. Determine the amount that would be reported in ending merchandise inventory on January 15 using the weighted-average inventory costing method. Round all amounts to the nearest cent.
E6-15 Comparing inventory methods
Super Mart, a regional convenience store chain, maintains milk inventory by the gallon. The first month’s milk purchases and sales at its Freeport ,Florida location follow:
Nov 2. Purchased 11 gallons @ $2.15 each
Nov. 6 Purchased 2 gallons @ $2.80 each
Nov. 8 Sold 6 gallons of milk to a customer
Nov 13. Purchased 3 gallon @ $2.85 each
Nov 14. Sold 4 gallons of milk to a customer
Requirements
Determine the amount that would be reported in ending merchandise inventory on January 15 using the FIFO inventory costing method.
Determine the amount that would be reported in ending merchandise inventory onJanuary 15 using the LIFO inventory costing method.
Determine the amount that would be reported in ending merchandise inventory on January 15 using the weighted-average inventory costing method. Round all amounts to the nearest cent.
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