Asked by Tianna Lopes on Jul 13, 2024
Verified
If the company uses the FIFO periodic inventory method,what would be the cost of the ending inventory?
FIFO Periodic Inventory Method
The first-in, first-out (FIFO) periodic inventory method assumes that goods sold are those that were added to the inventory earliest, calculated periodically at the end of a reporting period.
Ending Inventory
Goods' valuation ready for trading at the end of a bookkeeping period.
- Measure the inventory value employing FIFO, LIFO, and weighted average approaches in perpetual and cyclic systems.
Verified Answer
AT
Cost of ending inventory = 150 * $22 each = $3,300
Learning Objectives
- Measure the inventory value employing FIFO, LIFO, and weighted average approaches in perpetual and cyclic systems.