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Calculate the number of paint sets in ending inventory

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Reference no: EM133028221

Problem - Marvin Company has a beginning inventory of'12 sets of paints at a cost of $1.50 each. During the year, the store purchased 4 sets at $1.50. 5 sets at $2.20, 6 sets at $2.50, and 10 sets at $3.00. By the end of the year 25 sets were sold.

a. Calculate the number of paint sets in ending inventory.

b. Calculate the cost of ending inventory under LIFO, FIFO, and the weighted average methods.

Reference no: EM133028221

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