S Kimmel, Accounting, ée FINANCIAL &MANAG; Exercise 205 Compute the cost to be a

Question

S Kimmel, Accounting, ée FINANCIAL &MANAG; Exercise 205 Compute the cost to be assigned to ending inventory for each of the methods indicated given the following Information about purchases and sales during the year. January 1 Beginning Inventory 150 tems $4-$600 May Total valabte600 kems3,3 450 tems$6-2.700 600 tems 430 items Total Sales December 31 Ending inventory 170 Cost assigned on an average cost basis Cost assigned on a FIFO basis Costs assigned on a LFo basis Click if you would like to Show Work for this question: Open Show work Question Attempts: 0 of 1 used

Explanation / Answer

Cost assigned on average cost basis 935 =3300/600*170 Cost assigned on FIFO basis 1020 =170*6 Cost assigned on LIFO basis 720 =(150*4)+(20*6)

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