The Cleft Music Company was formed on December 1,2013.The following information is available from Cleft's inventory records:

The company uses a periodic inventory system,and a physical inventory on November 30,2014,shows 9,600 units on hand.Prepare schedules to compute the ending inventory at November 30,2014,under each of the following inventory methods:
(1)FIFO.
(2)LIFO.
(3)Average cost.

Question

The Cleft Music Company was formed on December 1,2013.The following information is available from Cleft's inventory records:
  
The company uses a periodic inventory system,and a physical inventory on November 30,2014,shows 9,600 units on hand.Prepare schedules to compute the ending inventory at November 30,2014,under each of the following inventory methods:
(1)FIFO.
(2)LIFO.
(3)Average cost.

Quizplus · Accepted Answer

The Answer of The Cleft Music Company was formed on December 1,2013.The following information is available from Cleft's inventory records:
  
The company uses a periodic inventory system,and a physical inventory on November 30,2014,shows 9,600 units on hand.Prepare schedules to compute the ending inventory at November 30,2014,under each of the following inventory methods:
(1)FIFO.
(2)LIFO.
(3)Average cost.

The Cleft Music Company Was Formed on December 1,2013