Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. in its first month of operations, whispering winds

In its first month of operations, Whispering Winds Corp. made three purchases of merchandise in...

70.2K

Verified Solution

Question

Accounting

image

In its first month of operations, Whispering Winds Corp. made three purchases of merchandise in the following sequence: (1) 145 units at $7, (2) 490 units at $8, and (3) 145 units at $9. Assuming there are 340 units on hand, compute the cost of the ending inventory under the (a) FIFO method and (b) LIFO method. Whispering Winds uses a periodic inventory system. FIFO (a) Cost of the ending inventory 2670 LIFO (b) Cost of the ending inventory 2380

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

What are the types of solar heating systems ?

Mechanical Engineering
Q

An artificial satellite is in a circular orbit d=470.0 km above the surface of a planet...

Physics
Q

Choose the correct answer In 1944 the US drove Japan out of the Marshall Islands...

Biology
Q

A cell is connected between two points of a uniformly thick circular conductor as shown...

Physics
Q

Is parallelogram UVWX a rhombus U X 95 T V W

Geometry
Q

1 True or False log a p The value of a must be positive T...

Calculus
Q

Question Provide your answer below 0 in x The figure above shows a right triangle...

Calculus
Q

Define Project Scope and project success with measurable characteristics

Accounting
Q

Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available...

Accounting
Q

A well-written training objectives should the following? (select all that apply) O Attainable Specific Affordable...

Accounting
Q

Larabee Company produces two types of product, flat and round, on the same production line....

Accounting
Q

Taylor's Remainder Theorem gives that if a function f(x) is 3 times differentiable on a...

Accounting