Use the information in the account records on the Inventory tab to calculate the total cost of endinginventory using the FIFO, LIFO, and Average Cost methods.a. Navigate to the Inventory tab.b. Calculate the total cost of ending inventory using the FIFO, LIFO, and Average Cost methods andrecord in the appropriate cell. ItemTowel DispenserHand SanitizerItemTowel DispenserHand SanitizerItemTowel DispenserHand SanitizerItemTowel DispenserHand SanitizerBeginning Inventory,Jan. 14 @ $4.003 @ $3.50No. of units on Hand228Total FIFO CostFIFO MethodFirst PurchaseNo. of units on Hand228Total LIFO Cost12 @ $4.256 @ $3.30LIFO MethodNo. of units on Hand228Total Average CostUnit PriceUnit PriceAverage Cost MethodUnit PriceSecond Purchase8 @ $4.502 @ $3.20Cost of EndingInventoryCost of EndingInventoryCost of EndingInventoryThird Purchase15 @ $5.205 @ $3.10PeriodicInventory Count,Dec. 31228

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Description: Use the information in the account records on the Inventory tab to calculate the total cost of endinginventory using the FIFO, LIFO, and Average Cost methods.a. Navigate to the Inventory tab.b. Calculate the total cost of ending inventory using the

FIFO means First In, First Out. That means the cost of ending inventory comprises of cost of…

Business

Accounting

Use the information in the account records on the Inventory tab to calculate the total cost of ending inventory using the FIFO, LIFO, and Average Cost methods. a. Navigate to the Inventory tab. b. Calculate the total cost of ending inventory using the FIFO, LIFO, and Average Cost methods and record in the appropriate cell.

Use the information in the account records on the Inventory tab to calculate the total cost of ending inventory using the FIFO, LIFO, and Average Cost methods. a. Navigate to the Inventory tab. b. Calculate the total cost of ending inventory using the FIFO, LIFO, and Average Cost methods and record in the appropriate cell.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

Topic Video

Question

Use the information in the account records on the Inventory tab to calculate the total cost of ending
inventory using the FIFO, LIFO, and Average Cost methods.
a. Navigate to the Inventory tab.
b. Calculate the total cost of ending inventory using the FIFO, LIFO, and Average Cost methods and
record in the appropriate cell.

Item
Towel Dispenser
Hand Sanitizer
Item
Towel Dispenser
Hand Sanitizer
Item
Towel Dispenser
Hand Sanitizer
Item
Towel Dispenser
Hand Sanitizer
Beginning Inventory,
Jan. 1
4 @ $4.00
3 @ $3.50
No. of units on Hand
22
8
Total FIFO Cost
FIFO Method
First Purchase
No. of units on Hand
22
8
Total LIFO Cost
12 @ $4.25
6 @ $3.30
LIFO Method
No. of units on Hand
22
8
Total Average Cost
Unit Price
Unit Price
Average Cost Method
Unit Price
Second Purchase
8 @ $4.50
2 @ $3.20
Cost of Ending
Inventory
Cost of Ending
Inventory
Cost of Ending
Inventory
Third Purchase
15 @ $5.20
5 @ $3.10
Periodic
Inventory Count,
Dec. 31
22
8

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