Purchases Sales June 2 300 @ $5.50 June 1 (balance) 400@ $3.20 3 1,100 3.10...
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Purchases Sales June 2 300 @ $5.50 June 1 (balance) 400@ $3.20 3 1,100 3.10 7 600 @ 3.30 15 900@ 3.40 22 250 @ 3.50 6 800 @ 5.50 9 500 @ 5.50 10 200 @ 6.00 18 700 @ 6.00 25 100 @ 6.00 43. Assume the company uses periodic inventory procedures and rounds average unit costs to the nearest cent. The ending inventory on an average-cost basis is a. $2,048. b. $2,119 c. $2,145. d. $2,161. 44. Assuming that perpetual inventory records are kept, the ending inventory on a LIFO basis is a. $2,055 d. $2,235 b. $2,080. c. $2,145 Assuming that perpetual inventory records are kept, the ending inventory on a FIFO basis is a. $2,055. 45. b. $2,080 c. $2,235. d. $2,275
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