Compute the cost of the ending inventory
In its first month of operations, Manion Candies made three purchases of merchandise in the following sequence: (1) 300 units at $6, (2) 400 units at $7, and (3) 300 units at $8. Assuming there are 450 units on hand, compute the cost of the ending inventory under the
(a) FIFO method,
(b) LIFO method. Manion uses a periodic inventory system,
(c) compute the cost of the ending inventory under the average cost method, assuming there are 450 units on hand.
Solution:
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