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If fifo is in use what is the ending inventory in dollars

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Question

6. The following information is available for Quest Company:

Mar. 1 Beginning inventory 15 units @ $12.00 per unit

Mar. 9 Purchase 10 units @ $16.00 per unit

Mar. 14 Sale 6 units

Mar. 20 Purchase 6 units@ $18.00 per unit

Mar. 26 Sale 9 units

Required:

Answer the following questions for Quest Company:

a. If FIFO is in use, what is the ending inventory in dollars?

b. If periodic LIFO is in use, what is the cost of goods sold?

c. If moving average is in use, what is the ending inventory in dollars (round calculations to the nearest cent)?

d. If weighted average is in use, what is the ending inventory in dollars (round unit cost to the nearest tenth of a cent)?

Reference no: EM132316349

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