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## Using the FIFO assumption, calculate the amount charged

\$15.99

\$15.99

Using the FIFO assumption, calculate the amount charged 1 Clarke Company uses the periodic inventory method and had the following inventory information available: Units Unit Cost Total Cost 1/1 Beginning Inventory 100 \$4 \$ 400 1/20 Purchase 400 \$5 2,000 7/25 Purchase 200 \$7 1,400 10/20 Purchase 300 \$8 2,400 1,000 \$6,200 A physical count of inventory on December 31 revealed that there were 400 units on hand. Instructions Answer the following independent questions and show computations supporting your answers. 1. Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is \$__________. 2. Assume that the company uses the Average-Cost method. The value of the ending inventory on December 31 is \$__________. a3. Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is \$__________. 2 Kegin Company sells many products. Whamo is one of its popular items. Below is an analysis of the inventory purchases and sales of Whamo for the month of March. Kegin Company uses the periodic inventory system. Purchases Sales Units Unit Cost Units Selling Price/Unit 3/1 Beginning inventory 100 \$40 3/3 Purchase 60 \$50 3/4 Sales 70 \$80 3/10 Purchase 200 \$55 3/16 Sales 80 \$90 3/19 Sales 60 \$90 3/25 Sales 50 \$90 3/30 Purchase 40 \$60 Instructions (a) Using the FIFO assumption, calculate the amount charged to cost of goods sold for March. (Show computations) (b) Using the weighted average method, calculate the amount assigned to the inventory on hand on March 31. (Show computations) a(c) Using the LIFO assumption, calculate the amount assigned to the inventory on hand on March 31. (Show computations) Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help

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