Practice 9 – 7 Inventory Valuation: FIFO, LIFO and AVERAGE
The company reported the following inventory data for the year:
|Description||Units||Cost per Unit|
|Units remaining at year-end||400|
Compute (1) cost of goods sold and (2) ending inventory assuming (a) FIFO inventory valuation, (b) LIFO inventory valuation, and (c) average cost inventory valueation. The company uses a periodic inventory system.
QUESTION 2: Inventory Valuation: FIFO, LIFO and AVERAGE (refer to Practice 9-7)
Compute the ending inventory assuming the following methods:
a. FIFO inventory valuation
b. LIFO inventory valuation
c. Average Cost Inventory valuation
The company uses a periodic inventory system.
Submit your answer in the assignment section by 11:59pm Sunday, Week 3.