Following are data for Dandy Company for the year 2010:
|
Units |
Unit Cost |
|
|
Merchandise Inventor y, |
700 |
@ $20.4 |
|
1-Jan |
0 |
|
|
Purchases: |
||
|
February 2 |
500 |
@21 |
|
@ |
||
|
Apr i l 5 |
1,000 |
@24 |
|
June 1 5 |
600 |
@ 2/ .00 |
|
30-Sep |
700 |
@ 30.00 |
|
28-Nov |
900 |
@ 31.20 |
|
Sales : |
4,400 |
|
|
March 5 |
1,200 |
|
|
18-Jul |
800 |
|
|
August 12 |
900 |
|
|
October 15 |
3,300 |
a. Compute the ending inventory as of 2010 December 31, assuming use of perpetual inventory procedure, under each of the following methods: (1) FIFO, (2) LIFO, and (3) weighted-average (carry unit cost to four decimal places and round total cost to nearest dollar).
b. Compute the ending inventory as of 2010 December 31, assuming use of periodic inventory procedure, under each of the following methods: (1) FIFO, (2) LIFO, and (3) weighted-average.