Joy Co.'s recorded inventory information for the month of August is as follows: $$\begin{array} { l l }
\text { Beginning Inventory } & 22 \text { units at } \$ 15 \text { each } \
\text { First Purchase } & 25 \text { units at } \$ 18 \text { each } \
\text { Second Purchase } & 21 \text { units at } \$ 20 \text { each } \
\text { Sales } & 48 \text { units }
\end{array}$$ ?
Determine the total cost of ending inventory according to (a) FIFO method and (b) LIFO method.

Question

Joy Co.'s recorded inventory information for the month of August is as follows: $$\begin{array} { l l } 
\text { Beginning Inventory } & 22 \text { units at } \$ 15 \text { each } \
\text { First Purchase } & 25 \text { units at } \$ 18 \text { each } \
\text { Second Purchase } & 21 \text { units at } \$ 20 \text { each } \
\text { Sales } & 48 \text { units }
\end{array}$$ ?
Determine the total cost of ending inventory according to (a) FIFO method and (b) LIFO method.

Quizplus · Accepted Answer

The Answer of Joy Co.'s recorded inventory information for the month of August is as follows: $$\begin{array} { l l } 
\text { Beginning Inventory } & 22 \text { units at } \$ 15 \text { each } \
\text { First Purchase } & 25 \text { units at } \$ 18 \text { each } \
\text { Second Purchase } & 21 \text { units at } \$ 20 \text { each } \
\text { Sales } & 48 \text { units }
\end{array}$$ ?
Determine the total cost of ending inventory according to (a) FIFO method and (b) LIFO method.

Joy Co'S Recorded Inventory Information for the Month of August Is