Reference no: EM132605369
Dias Company uses the periodic inventory system to account for inventories. Information related to Dias Company's inventory at October 31 is given below:
October 1 Beginning inventory 400 units @ $9.80 = $ 3,920
8 Purchase 800 units @ $10.40 = 8,320
16 Purchase 600 units @ $10.80 = 6,480
24 Purchase 200 units @ $11.80 = 2,360
Total units and cost 2,000 units $21,080
Required:
Question 1: Show computations to value the ending inventory using the FIFO cost assumption if 550 units remain on hand at October 31.
Question 2: Show computations to value the ending inventory using the weighted-average cost method if 550 units remain on hand at October 31.
Question 3: Show computations to value the ending inventory using the LIFO cost assumption if 550 units remain on hand at October 31.