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What is the Ending Inventory

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Question - The following units of an inventory item were available for sale during the year:

Beginning inventory 10 units at $50

First purchase 25 units at $55

Second purchase 30 units at $60

Third purchase 15 units at $65

The firm uses the periodic inventory system. During the year, 60 units of the item were sold.

Required -

1. What is the Ending Inventory, FIFO?

2. What is the Ending Inventory, LIFO?

3. What is the Ending Inventory, Average Cost?

Reference no: EM133064836

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