Homework Answers
| FIFO | LIFO | |
|
The ending inventory (120 units) |
= (120*10) = 1200 |
= (120*7) = 840 |
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at $7, (2) 360 units at $8, and (3) 220 units at $9. Assuming there
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under the FIFO method and LIFO method. Ivanhoe uses a periodic
inventory system.
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Question 5 0/1 View Policies Show Attempt History Current Attempt in Progress X...
In its first month of operations, Vaughn Company made three
purchases of merchandise in the following sequence: (1) 330 units
at $8, (2) 470 units at $9, and (3) 220 units at $10.
Assuming there are 360 units on hand, compute the cost of the
ending inventory under the FIFO method and LIFO method. Vaughn uses
a periodic inventory system.
FIFO
LIFO
Cost of the ending inventory
$
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