Reference no: EM132957475
The Notebook Company was formed on December 1, 2016. The following information is available from the company's inventory records:
Units Unit Cost Balance as of Purchases:
May 1, 2017 ................ 800 $104
May 7, 2017 .......................... 19,000 $105
June 11, 2017 ............................ 17,000 $106
July 23, 2017 ............................. 3,200 $103
December 15, 2017 ......................... 5,100 $107
The company uses a periodic inventory system, and a physical inventory on December 30, 2017, shows 8,300 units on hand.
Problem 1: See information for The Notebook Company above. Using this information, the ending inventory value using FIFO is
Problem 2: See information for The Notebook Company above. Using this information, the ending inventory value using LIFO is
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