LIFO and FIFO Ending Inventory
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The ABC Company has the following inventory records.
2/1 Beginning balance 7@ $10 $ 70
2/5 Purchase 10@ 9 90
2/10 Sale 13@ 20 260
2/17 Purchase 12@ 11 132
2/23 Sale 10@ 20 200
2/25 Purchase 11@ 6 66
3/10 Purchase 15@ 8 120
3/15 Sale 30@ 20 600
3/19 Purchase 18@ 4 72
4. For the month of March, using LIFO, the ending inventory
would be
a) 184 b) 260 c) 198 d) 160
6. March
For the month of, using Weighted-average, the
ending inventory would be
a) 6.88 b) 206.40 c) 167.50 d) 137.66
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Solution Summary
The solution explains how to calculate the ending inventory under LIFO and weighted average methods
Solution Preview
4. In LIFO the latest units are assumed to be sold first. Total available units are beginning inventory + purchases.
For March, the beginning inventory is 17 units (in Feb total units are 40 and sold are 23=17). Purchases are ...
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