Solution-Calculate the value of the ending inventory at

Calculate the value of the ending inventory at december

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Reference no: EM132222248

Question - Kelly Company uses the periodic inventory method and had the following inventory information available:

	Units	Unit cost	Total Cost
1/1 beginning Inventory	100	$4	$400
1/20 Purchase	500	$5	2,500
7/25 Purchase	100	$7	700
10/20 Purchase	300	$8	2,400
	1,000		$6,000

A physical count of inventory on December 31 revealed that there were 350 units on hand.

Instructions - Answer the following independent questions and show computations supporting your answers.

(a) Assume that the company uses the FIFO method. Calculate the value of the ending inventory at December 31?

(b) Assume that the company uses the average cost method. Calculate the value of the ending inventory on December 31?

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Calculate the value of the ending inventory at december

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Reference no: EM132222248

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