Essay #2 A company’s inventory records indicate the followin…
Essay #2 A company’s inventory records indicate the following data for the month of April: April 1 Beginning Balance 100 units at $10 (PURCHASE COST) each April 5 Purchase 40 units at $ 12 (PURCHASE COST) each April 10 Sale 60 units at $30 (RETAIL PRICE) each Using the inventory information above, you will answer the next 9 questions. Answers will be provided in $$$ (dollars). Do not provide units. All answers, when necessary, should use two decimal places. Please note that the 12 questions are in groups of four and cover FIFO, LIFO and the Weighted Average cost allocation methodologies. The following Inventory Costing “Grid” is an optional student aid provided to help develop (on your scrap paper) answers for the 12 questions that follow. This is the same aid I used in the inventory cost allocation videos from Canvas. This is purely optional and will not be submitted with the exam. The grid is provided only as a guide. No Excel version of the grid is provided in the exam.