EA5.  EA5. LO 10.2Akira Company had the following transactions for the month. Chart showing Beginning Inventory of 150 units at $10 per unit, Purchase of March 31 of 160 units at $12 each, Purchase of October 15 of 130 units at $15 each, and ending inventory of 50 units at a cost of ? each. Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations. first-in, first-out (FIFO) last-in, first-out (LIFO) weighted average (AVG)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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EA5. 

EA5. LO 10.2Akira Company had the following transactions for the month.
Chart showing

  • Beginning Inventory of 150 units at $10 per unit,
  • Purchase of March 31 of 160 units at $12 each,
  • Purchase of October 15 of 130 units at $15 each,
  • and ending inventory of 50 units at a cost of ? each.
    Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations.

first-in, first-out (FIFO)
last-in, first-out (LIFO)
weighted average (AVG)

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