QUESTION 3 Records for the month indicate the following information regarding 48 oz...
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QUESTION 3 Records for the month indicate the following information regarding 48 oz cans of tomato juice in inventory at Jim's Place. Opening inventory on the first of the month 6 cans @ $1.51 = $9.06 Purchased on the 7th of the month 14 cans @ $1.79 = $25.06 Purchased on the 15th of the month 6 cans @ $1.74 = $10.44 Purchased on the 26th of the month 8 cans @ $1.66 = $13.28 A physical inventory on the last day of the month shows the following: Opening Inventory 6 cans + Purchases during the month 28 cans = Total available 34 cans - Closing inventory 16 cans = Units consumed 18 cans Assign values to the units in closing inventory using the following methods: First in, first out, weighted average purchase price, latest purchase price, last in, first out. FIFO LIFO WEIGHTED AVERAGE LATEST PURCHASE PRICE
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