Tamarisk Company's record of transactions concerning part X for the month of April was as...


Tamarisk Company?s record of transactions concerning part X for the month of April was as follows.

Purchases Sales
April 1(balance on hand)360 @ $6.70April 5560
4 660 @ 6.8312460
11 560 @ 7.10271,320
18 460 @ 7.1728150
26 860 @ 7.50
30 460 @ 7.77

If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, what amount would be shown as ending inventory under (1) FIFO, (2) LIFO and (3) Average-cost?

(1) FIFO(2) LIFO(3) Average-cost
Ending Inventory$_____$_____$_____

Ending inventories:

Ending inventories are calculated with the help of three different methods i.e. FIFO, LIFO and the Average method. It is calculated to calculate the cost of goods sold and the gross profit of the company.

Answer and Explanation: 1

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Calculation of the Ending Inventory:
Date particular Units Rate Total Balance

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Inventory Valuation Methods: Specific Identification, FIFO, LIFO & Weighted Average


Chapter 6 / Lesson 11

Inventory valuation methods are ways that companies place a monetary value on the items they have in their inventory. Discover different inventory valuation methods, including specific identification, First-In-First-Out (FIFO), Last-In-First-Out (LIFO), and weighted average.

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