Inventory Methods under the Periodic Inventory System
Robin Inc.s inventory records show the following data for purchases and sales of units.
The actual ending units remaining at May were purchased on the following dates:
Required
Assuming that Robin maintains a periodic inventory system with a monthly physical count, compute ending inventory on May under specific identification, average cost, FIFO, and LIFO.
Specific identification
Note: Do not use negative signs with any of your answers.
average cost periodic inventory system
Note: Use the result EXACTLY as displayed above in the calculations below.
Note: Do not use negative signs with any of your answers.
FIFO periodic inventory system
Note: Do not use negative signs with any of your answers.
FIFO periodic inventory system
Note: Do not use negative signs with any of your answers.
LIFO periodic inventory system
Note: Do not use negative signs with any of your answers.
I need to know why lifo and fifo's ending inventory are calculated the way they are.
