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accthw3 - of timing of inventory purchases and sales The...

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ACCT115-501 Assignment #3 Exercise 8.7 a. Average cost = $438/110 units = $3.98; Average cost = 20 * $3.98 = $79.60 b. FIFO= 19 * $5 + 1 * $4 = $99.00 c. LIFO = 9 * $3 + 11 * $3.50 = $65.50 d. Using average cost or LIFO methods, periodic and perpetual systems usually result differently because
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Unformatted text preview: of timing of inventory purchases and sales. The FIFO method results in the same ending inventory valuation in both periodic and perpetual systems regardless of timing....
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