Inventory Computation Using Different Cost Flows
Richmond Corporation had the following transactions relating to product AB during September.
|
Date |
|
|
Units |
Unit Cost |
|
September |
1 |
Balance on hand |
500 units |
$50.0 |
|
|
6 |
Purchase |
100 units |
45.0 |
|
|
12 |
Sale |
300 units |
|
|
|
13 |
Sale |
200 units |
|
|
|
18 |
Purchase |
200 units |
60.0 |
|
|
20 |
Purchase |
200 units |
40.0 |
|
|
25 |
Sale |
200 units |
|
Determine the ending inventory value under each of the following costing methods:
1. FIFO (perpetual)
2. FIFO (periodic)
3. LIFO (perpetual)
4. LIFO (periodic)