Problem: The ABC Company has the following inventory records.
2/1 Beginning balance 7@ $10 $ 70
2/5 Purchase 10@ 9 90
2/10 Sale 13@ 20 260
2/17 Purchase 12@ 11 132
2/23 Sale 10@ 20 200
2/25 Purchase 11@ 6 66
3/10 Purchase 15@ 8 120
3/15 Sale 30@ 20 600
3/19 Purchase 18@ 4 72
Question 1: For the month of March, using LIFO, the ending inventory would be
a) 184 b) 260 c) 198 d) 160
Question 2: March
For the month of, using Weighted-average, the ending inventory would be
a) 6.88 b) 206.40 c) 167.50 d) 137.66