Shanrock Company uses the periodic inventory method and had the following inventory information available: 1/1 1/20 7/25 10/20 1. Beginning Inventory Purchase 2. Purchase 3. Purchase Units 100 400 200 300 Answer the following independent questions. 1,000 Unit Cost $4 $6 $7 $8 Total Cost $400 2,400 A physical count of inventory on December 31 revealed that there were 400 units on hand. 1,400 2,400 $6,600 Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is Assume that the company uses the Average-Cost method. The value of the ending inventory on December 31 is Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is $ $ $

Shanrock Company uses the periodic inventory method and had the following inventory information available: 1/1 1/20 7/25 10/20 1. Beginning Inventory Purchase 2. Purchase 3. Purchase Units 100 400 200 300 Answer the following independent questions. 1,000 Unit Cost $4 $6 $7 $8 Total Cost $400 2,400 A physical count of inventory on December 31 revealed that there were 400 units on hand. 1,400 2,400 $6,600 Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is Assume that the company uses the Average-Cost method. The value of the ending inventory on December 31 is Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is $ $ $

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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