Harbor Company uses a periodic inventory system. The company’s records show the beginning inventory of product no. T-12 on January 1 and the purchases of this item during the current year to be as follows: Date Purchases Units Unit cost Total cost January 1 Beginning inventory 800 11.25 9,000 February 23 Purchase 1,000 13.20 13,200 April 20 Purchase 3,200 10.50 33,600 May 4 Purchase 3,800 12.21 46,398 November 30 Purchase 1,100 10.64 11,704 Totals 9,900 units $113,902 A physical count indicates 1,500 units in inventory at year-end. Determine the cost of the ending inventory based on each of the following methods of. Inventory valuation Average cost method FIFO LIFO Harbor Company uses a periodic inventory system. The company’s records show the beginning inventory of product no. T-12 on January 1 and the purchases of this item during the current year to be as follows: Date Purchases Units Unit cost Total cost January 1 Beginning inventory 800 11.25 9,000 February 23 Purchase 1,000 13.20 13,200 April 20 Purchase 3,200 10.50 33,600 May 4 Purchase 3,800 12.21 46,398 November 30 Purchase 1,100 10.64 11,704 Totals 9,900 units $113,902 A physical count indicates 1,500 units in inventory at year-end. Determine the cost of the ending inventory based on each of the following methods of. Inventory valuation Average cost method FIFO LIFO
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Harbor Company uses a periodic inventory system. The company’s records show the beginning inventory of product no. T-12 on January 1 and the purchases of this item during the current year to be as follows:
|
Date |
Purchases |
Units |
Unit cost |
Total cost |
|
January 1 |
Beginning inventory |
800 |
11.25 |
9,000 |
|
February 23 |
Purchase |
1,000 |
13.20 |
13,200 |
|
April 20 |
Purchase |
3,200 |
10.50 |
33,600 |
|
May 4 |
Purchase |
3,800 |
12.21 |
46,398 |
|
November 30 |
Purchase |
1,100 |
10.64 |
11,704 |
|
|
Totals |
9,900 units |
|
$113,902 |
A physical count indicates 1,500 units in inventory at year-end.
Determine the cost of the ending inventory based on each of the following methods of.
- Average cost method
- FIFO
- LIFO
Harbor Company uses a periodic inventory system. The company’s records show the beginning inventory of product no. T-12 on January 1 and the purchases of this item during the current year to be as follows:
Date
Purchases
Units
Unit cost
Total cost
January 1
Beginning inventory
800
11.25
9,000
February 23
Purchase
1,000
13.20
13,200
April 20
Purchase
3,200
10.50
33,600
May 4
Purchase
3,800
12.21
46,398
November 30
Purchase
1,100
10.64
11,704
Totals
9,900 units
$113,902
A physical count indicates 1,500 units in inventory at year-end.
Determine the cost of the ending inventory based on each of the following methods of. Inventory valuation
- Average cost method
- FIFO
- LIFO
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