question archive Purchases of a new inventory product during the month of April are as follows: 4/1 Purchased 15 units at $5
Purchases of a new inventory product during the month of April are as follows: 4/1 Purchased 15 units at $5
Subject:AccountingPrice: Bought3
Purchases of a new inventory product during the month of April are as follows: 4/1 Purchased 15 units at $5.00 each 4/10 Purchased 10 units at $5.20 each 4/20 Purchased 8 units at $5.25 each Since the facility uses a periodic inventory system, perpetual recordkeeping cards are not maintained and issues are not known. A physical inventory shows that 5 units are on hand at the close of business, April 30. Compute the dollar value of the ending inventory (to two decimal places) under the following valuation methods: a. The FIFO periodic method b. The LIFO periodic method c. The weighted average periodic method (using a weighted average rounded to four decimal places)
