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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


Solution Summary

This solution provides calculations of the inventory costs assigned in an attached Excel file.