Astro Corporation uses the periodic inventory system. Information related to Astro's inventory at October 31 is given below:
Requirements:
1. Show calculations to determine the ending inventory using the FIFO cost formula if 400 units remain on hand at October 31
2. Show calculations to determine the ending inventory using the average cost formula if 400 units remain on hand at October 31.

Question

Astro Corporation uses the periodic inventory system. Information related to Astro's inventory at October 31 is given below:
  Requirements:
1. Show calculations to determine the ending inventory using the FIFO cost formula if 400 units remain on hand at October 31
2. Show calculations to determine the ending inventory using the average cost formula if 400 units remain on hand at October 31.

Quizplus · Accepted Answer

The Answer of Astro Corporation uses the periodic inventory system. Information related to Astro's inventory at October 31 is given below:
  Requirements:
1. Show calculations to determine the ending inventory using the FIFO cost formula if 400 units remain on hand at October 31
2. Show calculations to determine the ending inventory using the average cost formula if 400 units remain on hand at October 31.

Astro Corporation Uses the Periodic Inventory System