Show calculations to value the ending inventory

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Reference no: EM133378740

Question

Information related to Hixen Company's periodic inventory for October 31 is given below: Units Unit Cost Total Cost Beginning Inventory 300 $10.00 $ 3,000 Purchase 1 800 10.40 8,320 Purchase 2 700 10.80 7,560 Purchase 3 200 11.60 2,320 Totals 2,000 $21,200

Instructions

1. Show calculations to value cost of goods sold using the FIFO cost flow assumption if 500 units remain on hand at October 31.

2. Show calculations to value the ending inventory using the Weighted Average cost flow assumption if 500 units remain on hand at October 31.

Reference no: EM133378740

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