The following information is gathered in relation to sales and purchases of inventory during a year.
Calculate the cost to be assigned to ending inventory for each of the methods indicated below given the information about purchases and sales during the year.
(a) Cost assigned on an average basis to ending inventory: $__________
(b) Cost assigned on a FIFO basis: $__________
(c) Costs assigned on a LIFO basis: $__________

Question

The following information is gathered in relation to sales and purchases of inventory during a year.
  Calculate the cost to be assigned to ending inventory for each of the methods indicated below given the information about purchases and sales during the year.
(a) Cost assigned on an average basis to ending inventory: $__________
(b) Cost assigned on a FIFO basis: $__________
(c) Costs assigned on a LIFO basis: $__________

Quizplus · Accepted Answer

The Answer of The following information is gathered in relation to sales and purchases of inventory during a year.
  Calculate the cost to be assigned to ending inventory for each of the methods indicated below given the information about purchases and sales during the year.
(a) Cost assigned on an average basis to ending inventory: $__________
(b) Cost assigned on a FIFO basis: $__________
(c) Costs assigned on a LIFO basis: $__________

The Following Information Is Gathered in Relation to Sales and Purchases