If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, what amount would beshown as ending inventory under (1) FIFO. (2) LIFO and (3) Average-cost? (Round average cost per unit to 4 decimal places, e.g.2.7621 and final answers to 0 decimal places, e.g. 6,548.)Ending Inventory $(1)FIFOS(2)LIFO$(3)Average-cost

Ending inventory refers to the sum value of goods or products remaining at a company after making…

Answered: final answers to O decimal places, e.g.…

Business

Accounting

final answers to O decimal places, e.g. 6,548.) wentory $ (1) FIFO $ (2) LIFO S (3) Average-cost

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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Question

If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, what amount would be
shown as ending inventory under (1) FIFO. (2) LIFO and (3) Average-cost? (Round average cost per unit to 4 decimal places, e.g.
2.7621 and final answers to 0 decimal places, e.g. 6,548.)
Ending Inventory $
(1)
FIFO
S
(2)
LIFO
$
(3)
Average-cost

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