What is most likely explanation for the fact

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Reference no: EM13131690

Darver, Inc. had 300 cordless screwdrivers on hand at January 1, 2009 costing $45 each. Purchases and sales of cordless screwdrivers during the month of January were as follows:

Darver does not maintain perpetual inventory records. According to a physical count, 150 cordless screwdrivers were on hand at January 31, 2009.

Required:

a. What is the cost of the inventory at January 31, 2009 under the FIFO method?

b. What is the cost of the inventory at January 31, 2009 under the LIFO method?

c. What is the cost of the inventory at January 31, 2009 under the FIFO method if only 145 cordless screwdrivers were on hand at the time of the physical count? Based on the data given, what is the most likely explanation for the fact that only 145 cordless screwdrivers were actually counted?

Reference no: EM13131690

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