Number of Units Cost per Unit $10 Beginning inventory Purchased Mar. 31 Purchased Oct. 15 Ending inventory 150 160 12 130 15 50

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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    1. FLCL Company had the following transactions for the month:

     

    Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations.

    1. first-in, first-out (FIFO)
    2. last-in, first-out (LIFO)
    3. weighted average
### Inventory Data Overview

#### Inventory Details:

- **Beginning Inventory:**
  - **Number of Units:** 150
  - **Cost per Unit:** $10

- **Purchased on March 31:**
  - **Number of Units:** 160
  - **Cost per Unit:** $12

- **Purchased on October 15:**
  - **Number of Units:** 130
  - **Cost per Unit:** $15

- **Ending Inventory:**
  - **Number of Units:** 50
  - **Cost per Unit:** ?

This table outlines the inventory movement and associated costs over a specific period. It begins with an initial stock level and details two separate purchase events throughout the year, each with distinct costs per unit. The ending inventory figure represents a smaller quantity remaining at the period's conclusion, with the cost per unit yet to be determined.
Transcribed Image Text:### Inventory Data Overview #### Inventory Details: - **Beginning Inventory:** - **Number of Units:** 150 - **Cost per Unit:** $10 - **Purchased on March 31:** - **Number of Units:** 160 - **Cost per Unit:** $12 - **Purchased on October 15:** - **Number of Units:** 130 - **Cost per Unit:** $15 - **Ending Inventory:** - **Number of Units:** 50 - **Cost per Unit:** ? This table outlines the inventory movement and associated costs over a specific period. It begins with an initial stock level and details two separate purchase events throughout the year, each with distinct costs per unit. The ending inventory figure represents a smaller quantity remaining at the period's conclusion, with the cost per unit yet to be determined.
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