Problem-given the following information about purchases and, Ask an Expert

Accounting

Problem-

Given the following information about purchases and sales during the year, compute the cost to be assigned to ending inventory under each of three methods: (a) average-cost, (b) FIFO, and (c) LIFO.

Assume that a periodic inventory system is used.

Beginning inventory

225 items @ $3 =

$ 675

May

Purchases

675 items @ $6 =

4,050

Totals

900 items

$4,725

Total sales

450 items

Ending inventory

450 items

Additional information-

This problem belongs to Accounting and computes the cost to be assigned to ending inventory under method of average-cost.

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