Question - A company reports the following beginning inventory and purchases for the month of January. On January 26, the company sells 360 units. What is the cost of the 155 units that remain in ending inventory?
|
|
Units
|
Unit Cost
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|
Beginning inventory on January 1
|
320
|
$6.00
|
|
Purchase on January 9
|
85
|
6.40
|
|
Purchase on January 25
|
110
|
6.60
|
Determine the costs assigned to the ending inventory when costs are assigned based on a periodic inventory system and use of (a) FIFO, (b) LIFO, and (c) weighted average.