jacquelinejabuen
Jun 26, 2007, 05:47 AM
The following lots of a particular material were available for use during the year:
Beginning inventory 40 units @ P 80
First purchase 40 @ 82
Second purchase 60 @ 85
Third purchase 60 @ 87
Ending inventory 50
The company uses periodic inventory system
Required:
1.compute the cost assigned to ending inventory, assuming FIFO as the costing method
2. compute the cost assigned to ending inventory, assuming the average (moving) as the closing method.
Beginning inventory 40 units @ P 80
First purchase 40 @ 82
Second purchase 60 @ 85
Third purchase 60 @ 87
Ending inventory 50
The company uses periodic inventory system
Required:
1.compute the cost assigned to ending inventory, assuming FIFO as the costing method
2. compute the cost assigned to ending inventory, assuming the average (moving) as the closing method.