Please do not give solution in image format thanku Information about SpicelandCompany's inventory of one itemfollows.ExplanationBeginninginventory,January 1Purchases:AprilAugustOctoberEndinginventory,December 31NumberofUnitsUnitCost230 $3652701902402301. Compute the cost of the endinginventory under the average costmethod.3703753772. Compute the cost of the endinginventory under the FIFO method.3. Compute the cost of the endinginventory under the LIFO method.

Answer : 1. Cost of ending inventory under the average cost method : Average cost per unit = Total…

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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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Concept explainers

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

Question

Please do not give solution in image format thanku

Information about Spiceland
Company's inventory of one item
follows.
Explanation
Beginning
inventory,
January 1
Purchases:
April
August
October
Ending
inventory,
December 31
Number
of
Units
Unit
Cost
230 $365
270
190
240
230
1. Compute the cost of the ending
inventory under the average cost
method.
370
375
377
2. Compute the cost of the ending
inventory under the FIFO method.
3. Compute the cost of the ending
inventory under the LIFO method.

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