The beginning inventory and following transactions occurred during November: Units Unit Cost Nov 2 Inventory 1,000 50.00 10 Purchase 3,000 52.00 15 Sold 1,600 units 20 Purchase 2,600 55.00 25 Sold 4,000 units 26 Purchase 1,000 57.68 30 Sold 800 units Total 7,600 Determine the ending inventory on November 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods assuming a perpetual inventory system.
The beginning inventory and following transactions occurred during November:
|
Total 7,600
Determine the ending inventory on November 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods assuming a perpetual inventory system.
The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the basis of the flow of inventory. LIFO method, FIFO method, and average method are considered as the most popular method for inventory valuation.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
