Walker Corporation uses the periodic inventory method and had the following inventory information available:
A physical count of inventory on December 31 revealed that there were 50 units on hand. Requirements:
Answer the following independent questions and show calculations supporting your answers.
1. Assume that the company uses FIFO. The value of the ending inventory at December 31 is
$________.
2. Assume that the company uses average cost. The value of the ending inventory on December 31 is
$________.
3. Assume that the company uses average cost. The value of cost of goods sold on December 31 is $
4. Assume that the company uses FIFO. The value of the cost of goods sold on December 31 is
$________.

Question

Walker Corporation uses the periodic inventory method and had the following inventory information available:
  A physical count of inventory on December 31 revealed that there were 50 units on hand. Requirements:
Answer the following independent questions and show calculations supporting your answers.
1. Assume that the company uses FIFO. The value of the ending inventory at December 31 is
$________.
2. Assume that the company uses average cost. The value of the ending inventory on December 31 is
$________.
3. Assume that the company uses average cost. The value of cost of goods sold on December 31 is $
4. Assume that the company uses FIFO. The value of the cost of goods sold on December 31 is
$________.

Quizplus · Accepted Answer

The Answer of Walker Corporation uses the periodic inventory method and had the following inventory information available:
  A physical count of inventory on December 31 revealed that there were 50 units on hand. Requirements:
Answer the following independent questions and show calculations supporting your answers.
1. Assume that the company uses FIFO. The value of the ending inventory at December 31 is
$________.
2. Assume that the company uses average cost. The value of the ending inventory on December 31 is
$________.
3. Assume that the company uses average cost. The value of cost of goods sold on December 31 is $
4. Assume that the company uses FIFO. The value of the cost of goods sold on December 31 is
$________.

Walker Corporation Uses the Periodic Inventory Method and Had the Following