inventory valuation fifo lifo and average the company reported the following invento 692154

Aug 30, 2021 | Uncategorized

Inventory Valuation: FIFO, LIFO, and Average

The company reported the following inventory data for the year:

 

 

Cost per

 

Units

Unit

Beginning Inventory                                                  

300

$1750

Purchases:

 

 

March 23                                                       

900

1800

September 16                                                   

1,200

1825

Units remaining at year end:                                            

400

 

Compute (1) cost of goods sold and (2) ending inventory assuming (a) FIFO inventory valuation, (b) LIFO inventory valuation, and (c) average cost inventory valuation. The company uses a periodic inventory system.