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Question - Kelly Company uses the periodic inventory method and had the following inventory information available:
Units
Unit cost
Total Cost
1/1 beginning Inventory
100
$4
$400
1/20 Purchase
500
$5
2,500
7/25 Purchase
$7
700
10/20 Purchase
300
$8
2,400
1,000
$6,000
A physical count of inventory on December 31 revealed that there were 350 units on hand.
Instructions - Answer the following independent questions and show computations supporting your answers.
(a) Assume that the company uses the FIFO method. Calculate the value of the ending inventory at December 31?
(b) Assume that the company uses the average cost method. Calculate the value of the ending inventory on December 31?
(c) Assume that the company uses the LIFO method. Calculate the value of the ending inventory on December 31?
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