Harlow Ltd uses the periodic inventory method and had the following inventory information available:
A physical count of inventory on 31 December revealed that there were 50 units on hand.
Instructions : Answer the following independent questions and show computations supporting your answers.
1. Assume that the company uses the FIFO method. The value of the ending inventory at 31 December is $__________.
2. Assume that the company uses the average cost method. The value of the ending inventory on 31 December is $__________.
3. Assume that the company uses the LIFO method. The value of the ending inventory on 31 December is $__________.
4. Assume that the company uses the FIFO method. The value of the cost of sales at 31 December is $__________.

Question

Harlow Ltd uses the periodic inventory method and had the following inventory information available:
  A physical count of inventory on 31 December revealed that there were 50 units on hand.
Instructions : Answer the following independent questions and show computations supporting your answers.
1. Assume that the company uses the FIFO method. The value of the ending inventory at 31 December is $__________.
2. Assume that the company uses the average cost method. The value of the ending inventory on 31 December is $__________.
3. Assume that the company uses the LIFO method. The value of the ending inventory on 31 December is $__________.
4. Assume that the company uses the FIFO method. The value of the cost of sales at 31 December is $__________.

Quizplus · Accepted Answer

The Answer of Harlow Ltd uses the periodic inventory method and had the following inventory information available:
  A physical count of inventory on 31 December revealed that there were 50 units on hand.
Instructions : Answer the following independent questions and show computations supporting your answers.
1. Assume that the company uses the FIFO method. The value of the ending inventory at 31 December is $__________.
2. Assume that the company uses the average cost method. The value of the ending inventory on 31 December is $__________.
3. Assume that the company uses the LIFO method. The value of the ending inventory on 31 December is $__________.
4. Assume that the company uses the FIFO method. The value of the cost of sales at 31 December is $__________.

Harlow Ltd Uses the Periodic Inventory Method and Had the Following