Question

Lisa Company uses the periodic inventory system to account for inventories. Information related to Lisa Company's inventory at October 31 is given below. October 1 Beginning inventory 390 units x 59.80 - Purchase 790 units x $10.50 - 16 Purchase 590 units x 510 60 - 24 Purchase 195 units x $1160 - Total units and cost 1.965 units $3.822 0.295 6.254 2.262 $20.633 Value the ending inventory using the FIFO cost assumption if 500 units remain on hand at October 31. Round answer to decimal places.es 5.275) Ending Inventory s eTextbook and Media Value the ending inventory using the weighted average cost method if 500 units remain on hand at October 31. Round average cost per unit to 2 decimal poc, . 5:25 and final answer to decimal places. 32.520) Ending Inventory s e Textbook and Media Value the ending inventory using the LIFO cost assumption il 500 units remain on hand at October 31 Ending inventory s eTextbook and Media

Answer 1

Date Page 1 value of ending lovestory under FIFO method: 305 csils x $106+195 units x $11.6 = $3233+ $2262= $ 5495 Note under FIFO assumption, the value of Closing breatory will be items of latest pu- Schases. 2) value of ending lovestosy under weighted are- Page cost method = 500usitsx $10.5=$5250 3 weighted average cost per usit= $20633 = $10.5 1965 value of exing lovestory codes LIFO method: 340 units x $9.8+ lo sits x $10-5 = $3522+$1155= $4977 Nde under this assumption, it is just opposite to FIFO assumption, as closing vedrogy wil contag items of begining balaxe and Subseavest purchases respectively.