   # Bleistine Company had the following transactions for the month. Calculate the ending inventory dollar value for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations. A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG) FindFindarrow_forward

### Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685

#### Solutions

Chapter
Section FindFindarrow_forward

### Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685
Chapter 10, Problem 5EB
Textbook Problem
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## Bleistine Company had the following transactions for the month. Calculate the ending inventory dollar value for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations.A. first-in, first-out (FIFO)B. last-in, first-out (LIFO)C. weighted average (AVG)

To determine

(a)

Concept introduction:

FIFO (First in first out): In FIFO Method, company issues that material first, which is purchased earliest. This method provides highest gross margin in case of inflation.

To calculate:

Ending inventory as per FIFO method.

### Explanation of Solution

Ending inventory as per FIFO= cost per unit×No of units remaining in end

To determine

(b)

Concept introduction:

LIFO (Last in first out): In LIFO Method, company issues first that material which comes in last in inventory. This method provides least gross margin in case of inflation.

To calculate:

Ending inventory as per LIFO method.

To determine

Concept introduction:

Weighted average methodIn this method, we issue material on random basis, so every type of goods has equal probability.

Requirement-3:

To calculate:

Ending inventory from various methods.

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