Compute the cost to be assigned to ending inventory for each of the methods indicated...
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Accounting
Compute the cost to be assigned to ending inventory for each of the methods indicated given the following information about purchases and sales during the year. (Do not round intermediate calculations. Round final answersto 0 decimal places, e.g. 2,520.)
January
1
Beginning Inventory
145
items @ $3
=
$435
May
1
Purchases
440
items @ $5
=
2,200
Total Available
585
items
$2,635
Total Sales
430
items
December
31
Ending Inventory
155
Cost assigned on an average-cost basis
$
Cost assigned on a FIFO basis
$
Costs assigned on a LIFO basis
$
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