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Inventory Computation Using Different Cost Flows The Webster Store shows the following information relating to one of its products. Inventory, January 1. Sales, January 8.. Purchases, January 10 Sales, January 18. Purchases, January 20 Sales, January 25 250 units @ $17.00 200 units 900 units @ $18.00 800 units 1,200 units @ $19.50 1,000 units What are the values of ending inventory under a periodic inventory system assum- ing a (1) FIFO, (2) LIFO, and (3) average cost flow? (Note: Round unit costs to three decimal places.)

Inventory Computation Using Different Cost Flows The Webster Store shows the following information relating to one of its products. Inventory, January 1. Sales, January 8.. Purchases, January 10 Sales, January 18. Purchases, January 20 Sales, January 25 250 units @ $17.00 200 units 900 units @ $18.00 800 units 1,200 units @ $19.50 1,000 units What are the values of ending inventory under a periodic inventory system assum- ing a (1) FIFO, (2) LIFO, and (3) average cost flow? (Note: Round unit costs to three decimal places.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Inventory Computation Using Different Cost Flows The Webster Store shows the following information relating to one of its products. Inventory, January 1 Sales, January 8.. Purchases, January 10 Sales, January 18.. Purchases, January 20 Sales, January 25 250 units @ $17.00 200 units 900 units @ $18.00 800 units 1,200 units @ $19.50 1,000 units What are the values of ending inventory under a periodic inventory system assum- ing a (1) FIFO, (2) LIFO, and (3) average cost flow? (Note: Round unit costs to three decimal places.)
Transcribed Image Text:Inventory Computation Using Different Cost Flows The Webster Store shows the following information relating to one of its products. Inventory, January 1 Sales, January 8.. Purchases, January 10 Sales, January 18.. Purchases, January 20 Sales, January 25 250 units @ $17.00 200 units 900 units @ $18.00 800 units 1,200 units @ $19.50 1,000 units What are the values of ending inventory under a periodic inventory system assum- ing a (1) FIFO, (2) LIFO, and (3) average cost flow? (Note: Round unit costs to three decimal places.)
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