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    Inventory Method Calculations

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    Complete parts a, b, c, and d on a separate Excel spreadsheet as directed on the Problem Set 2 directions. Show all your work.
    Transactions for the month of June were:
    Purchases Sales
    1-Jun (balance)800@$3.20 2-Jun 600@$5.50
    3 2,200@$3.10 6 1,600@$5.50
    7 1,200@$3.30 9 1,000@$5.50
    15 1,800@$3.40 10 400@$6.00
    22 500@$3.50 18 1,400@$6.00
    25 200@$6.00

    A) Assuming that perpetual inventory records are kept in units only, the ending inventory on a LIFO basis is
    B) Assuming that perpetual inventory records are kept in dollars, the ending inventory on a LIFO basis is
    C) Assuming that perpetual inventory records are kept in dollars, the ending inventory on a FIFO basis is
    D) Assuming that perpetual inventory records are kept in units only, the ending inventory on an average-cost basis, rounded to the nearest dollar, is

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    https://brainmass.com/business/inventory/inventory-method-calculations-393676

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    Solution Summary

    This posting answers the following questions:

    A) Assuming that perpetual inventory records are kept in units only, the ending inventory on a LIFO basis is:
    B) Assuming that perpetual inventory records are kept in dollars, the ending inventory on a LIFO basis is:
    C) Assuming that perpetual inventory records are kept in dollars, the ending inventory on a FIFO basis is:
    D) Assuming that perpetual inventory records are kept in units only, the ending inventory on an average-cost basis, rounded to the nearest dollar, is:

    $2.19

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