During the period the company sold 975 units. Under the FIFO method of inventory valuation, determine ending inventory: Under the LIFO method of inventory valuation, determine ending inventory: Under the Weighted Average method of inventory valuation, determine ending inventory:

Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 4PEA: Beginning inventory, purchases, and sales for 30xT are as follows: Assuming a perpetual inventory...
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10-Jan
Purchase
770
$66.50
51,205
16-Mar
Purchase
110
$68.50
7,535
1,000
$66,660
During the period the company sold 975 units.
Under the FIIFO method of inventory valuation, determine ending inventory:
Under the LIFO method of inventory valuation, determine ending inventory:
Under the Weighted Average method of inventory valuation, determine ending inventory:
Transcribed Image Text:10-Jan Purchase 770 $66.50 51,205 16-Mar Purchase 110 $68.50 7,535 1,000 $66,660 During the period the company sold 975 units. Under the FIIFO method of inventory valuation, determine ending inventory: Under the LIFO method of inventory valuation, determine ending inventory: Under the Weighted Average method of inventory valuation, determine ending inventory:
Following are the inventory purchases for the quarter:
# of
Date
Transaction
Unit cost
Total Cost
Units
1-Jan
Beginning Inventory
120
$66.00
$7,920
10-Jan
Purchase
770
$66.50
51,205
16-Mar
Purchase
110
$68.50
7,535
1,000
$66,660
During the period the company sold 975 units.
Transcribed Image Text:Following are the inventory purchases for the quarter: # of Date Transaction Unit cost Total Cost Units 1-Jan Beginning Inventory 120 $66.00 $7,920 10-Jan Purchase 770 $66.50 51,205 16-Mar Purchase 110 $68.50 7,535 1,000 $66,660 During the period the company sold 975 units.
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