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Determine the cost of the ending inventory

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Question - Pemberton Products uses a periodic inventory system. The company's records show the beginning inventory of PH4 oil filters on January 1 and the purchases of this item during the current year to be as follows:

Jan. 1 Beginning inventory 9 units @ $3.00 $ 27.00

Feb. 23 Purchase 12 units @ $3.50 42.00

Apr. 20 Purchase 30 units @ $3.80 114.00

May 4 Purchase 40 units @ $4.00 160.00

Nov. 30 Purchase 19 units @ $5.00 95.00

Totals 110 units $ 438.00

A physical count indicates 20 units in inventory at year-end.

Determine the cost of the ending inventory on the basis of each of the following methods of inventory valuation.

Average cost $

FIFO $

LIFO $

Reference no: EM131795989

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