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 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.
Note: Please set this up in a table like you would in Microsoft Excel. I’m struggling on how I could answer this question. If you could help me out and walk me through how you answered my question, it would be greatly appreciated. Thanks in advance.