What are the costs assigned using Average Cost, FIFO and LIFO?
Compute the cost to be assigned to ending inventory for each of the methods indicated, given the following information about purchases and sales during the year (see attached).
a. Cost assigned on an average cost basis
b. Cost assigned on a FIFO basis
c. Cost assigned on a LIFO basis
... in ending inventory under the periodic FIFO cost flow assumption ... The cost assigned to the 65 units in ... under the periodic weighted average cost flow assumption ...
... ending inventory and cost of goods sold under (a) average cost, (b) FIFO, and (c ... Statement calculating cost assigned to ending inventory and to cost of goods ...
... identification method; (2) costs are assigned by the average-cost method; (3) costs are assigned by the FIFO method; (4) costs are assigned by the LIFO method. ...
... In First-Out (FIFO) method: FIFO assigns costs in the ... (b) Which cost price should be assigned to inventory ... physical flow of inventory and cost flow assumption ...
... What costs are assigned to merchandise inventory? Explain the following methods to determine inventory valuation: FIFO, LIFO, and the Average Cost. ...
... if Barney uses FIFO than if weighted average were used. The dollar amount assigned to ending inventory will be the same no matter which cost flow method ...
... 3. Average cost Assigns the average costs of ... inventory balance $ 1,500.00 $ 750.00 The cost of the November 1 purchase was assigned $ 1,975.00 $ 1,225.00 ...
... Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. ...
