Herbur Company uses a periodic inventory system. The company's records show the beginning EXERCISE 8.10 inventory of product no. T12 on January I and the purchases of this item during the cuirent year Costing Inventory in a to be as follows: Periodic System LO 4 1 Beginning inventory. Purchase. .. Jan. 900 units .$10.00 S 9,000 Feb. 23 1,200 units O $11.00- 13,200 Apr. 20 Purchase 3,000 units $11.20 33,600 ... May 4 Purchase 4,000 units $11.60 900 units S13.00 46,400 .... Nov. 30 Purchase... 11,700 .. Totals 10,000 units $113,900 ... A physical count indicates 1,600 units in inventory at year-end. Determine the cost of the cnding inventory, based on each of the following methods of inven- tory valuation. (Remember to use periodic inventory costing procedures.) 2. Average cost b. FIFO C LIFO

Herbur Company uses a periodic inventory system. The company's records show the beginning EXERCISE 8.10 inventory of product no. T12 on January I and the purchases of this item during the cuirent year Costing Inventory in a to be as follows: Periodic System LO 4 1 Beginning inventory. Purchase. .. Jan. 900 units .$10.00 S 9,000 Feb. 23 1,200 units O $11.00- 13,200 Apr. 20 Purchase 3,000 units $11.20 33,600 ... May 4 Purchase 4,000 units $11.60 900 units S13.00 46,400 .... Nov. 30 Purchase... 11,700 .. Totals 10,000 units $113,900 ... A physical count indicates 1,600 units in inventory at year-end. Determine the cost of the cnding inventory, based on each of the following methods of inven- tory valuation. (Remember to use periodic inventory costing procedures.) 2. Average cost b. FIFO C LIFO

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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