Use the following information to calculate ending inventory on (a)a LIFO basis,(b)a FIFO basis,and (c)an average-cost basis.Assume a perpetual inventory system.
Round answers to nearest dollar.
$\begin{array}{llll}
\text { Dec. } & 1 & \text { Beginning inventory } & 70 \text { units @ } @ 14 \
& 9 & \text { Purchases } & 30 \text { units } @ \$ 16\
&17 & \text { Sales } & 25 \text { units } \
&22 & \text { Purchases } & 15 \text { units @\$18 } \
&27 & \text { Sales } & 40 \text { units }
\end{array}$

Question

Use the following information to calculate ending inventory on (a)a LIFO basis,(b)a FIFO basis,and (c)an average-cost basis.Assume a perpetual inventory system.
Round answers to nearest dollar.
 $\begin{array}{llll}
\text { Dec. } & 1 & \text { Beginning inventory } & 70 \text { units @ } @ 14 \
& 9 & \text { Purchases } & 30 \text { units } @ \$ 16\
&17 & \text { Sales } & 25 \text { units } \
&22 & \text { Purchases } & 15 \text { units @\$18 } \
&27 & \text { Sales } & 40 \text { units } 
\end{array}$

Quizplus · Accepted Answer

The Answer of Use the following information to calculate ending inventory on (a)a LIFO basis,(b)a FIFO basis,and (c)an average-cost basis.Assume a perpetual inventory system.
Round answers to nearest dollar.
 $\begin{array}{llll}
\text { Dec. } & 1 & \text { Beginning inventory } & 70 \text { units @ } @ 14 \
& 9 & \text { Purchases } & 30 \text { units } @ \$ 16\
&17 & \text { Sales } & 25 \text { units } \
&22 & \text { Purchases } & 15 \text { units @\$18 } \
&27 & \text { Sales } & 40 \text { units } 
\end{array}$

Use the Following Information to Calculate Ending Inventory on (A)a