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Question - The table below gives inventory figures for oil filters at Advance Auto Parts.
Date
Units Purchased
Cost per Unit
Beginning Inventory, January 1
162
$1.45
Purchase, March 14
212
1.62
Purchase, May 25
192
1.57
Purchase, August 19
302
1.75
Purchase, October 24
252
1.69
When the merchandise manager of Advance Auto Parts took physical inventory of the oil filters on December 31, it was found that 554 remained in inventory.
a. Calculate the dollar value of the 554 oil filters by using FIFO. Round your answer to the nearest cent.
b. Calculate the dollar value of the 554 oil filters by using LIFO. Round your answer to the nearest cent.
c. Calculate the dollar value of the 554 filters by using the average cost method. Round your answer and the average cost per unit to the nearest cent.
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