The following is the inventory for the year of Intrepid Enterprises: $$\begin{array} { l l l l }
\text { Date } & \text { Units } & \text { Cost per unit } & \text { Total Cost } \
\hline \text { Beginning inventory, Jan. 1 } & 10 & \$ 100 & \$ 1,000 \
\text { Purchase, June 15 } & 15 & \$ 108 & \$ 1,620 \
\text { Purchase, August 28 } & 20 & \$ 120 & \$ 2,400 \
\text { Purchase, December 15 } & 10 & \$ 125 & \$ 1,250 \
\hline \text { Total Units Available } & 55 & & \$ 6,270
\end{array}$$ The ending inventory for Intrepid Enterprises consisted of 12 units valued at $1,216. Which of the three value methods was used to value this ending inventory, LIFO, FIFO, or average cost?

Question

The following is the inventory for the year of Intrepid Enterprises: $$\begin{array} { l l l l } 
\text { Date } & \text { Units } & \text { Cost per unit } & \text { Total Cost } \
\hline \text { Beginning inventory, Jan. 1 } & 10 & \$ 100 & \$ 1,000 \
\text { Purchase, June 15 } & 15 & \$ 108 & \$ 1,620 \
\text { Purchase, August 28 } & 20 & \$ 120 & \$ 2,400 \
\text { Purchase, December 15 } & 10 & \$ 125 & \$ 1,250 \
\hline \text { Total Units Available } & 55 & & \$ 6,270
\end{array}$$ The ending inventory for Intrepid Enterprises consisted of 12 units valued at $1,216. Which of the three value methods was used to value this ending inventory, LIFO, FIFO, or average cost?

Quizplus · Accepted Answer

The Answer of The following is the inventory for the year of Intrepid Enterprises: $$\begin{array} { l l l l } 
\text { Date } & \text { Units } & \text { Cost per unit } & \text { Total Cost } \
\hline \text { Beginning inventory, Jan. 1 } & 10 & \$ 100 & \$ 1,000 \
\text { Purchase, June 15 } & 15 & \$ 108 & \$ 1,620 \
\text { Purchase, August 28 } & 20 & \$ 120 & \$ 2,400 \
\text { Purchase, December 15 } & 10 & \$ 125 & \$ 1,250 \
\hline \text { Total Units Available } & 55 & & \$ 6,270
\end{array}$$ The ending inventory for Intrepid Enterprises consisted of 12 units valued at $1,216. Which of the three value methods was used to value this ending inventory, LIFO, FIFO, or average cost?

The Following Is the Inventory for the Year of Intrepid