The units of Product YY2 available for sale during the year were as follows: Apr. 1 Inventory 16 units at $30 each Jun. 16 Purchase 30 units at $33 each Sep. 28 Purchase 45 units at $37 each There are 17 units of the product in the physical ending inventory at March 31. The periodic inventory system is used. If required, round your answers to two decimals. a. Determine the ending inventory cost by FIFO. $ b. Determine the ending inventory cost by LIFO. $ c. Determine the ending inventory cost by average cost methods. Round the per unit cost to two decimal places. $
Added by Christopher A.
Step 1
FIFO (First-In, First-Out) method assumes that the first units purchased are the first ones sold, and the ending inventory consists of the most recently purchased units. Therefore, we need to calculate the cost of the 45 units purchased on September 28, plus the Show more…
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