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Compute the cost of the ending inventory

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Reference no: EM131594904

Question - Kettle Company made the following purchases of Product A in its first year of operations:

 

Units

Unit Cost

January 2

1,400

@          $7.40

March 31

1,200

@           7.00

July 5

2,400

@           7.60

November 1

1,800

@           8.00

The ending inventory that year consisted of 2,400 units. Kettle uses periodic inventory procedure.

1. Compute the cost of the ending inventory using each of the following methods: (1) FIFO, (2) LIFO, and (3) weighted-average.

2. Which method would yield the highest amount of gross margin? Explain why it does.

Reference no: EM131594904

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