Rogers Products uses a periodic inventory system. The company's records show the beginning inventory of PH4 oil filters on January 1 and the purchases of this item during the current year to be as follows. Jan. 1 Beginning inventory 11 units @ $ 3.00 $ 33.00 Feb. 23 Purchase 18 units @ $ 3.50 63.00 Apr. 20 Purchase 28 units @ $ 3.80 106.40 May 4 Purchase 37 units @ $ 4.00 148.00 Nov. 30 Purchase 20 units @ $ 5.00 100.00 Totals 114 units $ 450.40 A physical count indicates 25 units in inventory at year-end. Determine the cost of the ending inventory on the basis of each of the following methods of inventory valuation. a. Average cost. b. FIFO. c. LIFO.
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Home » Business » Rogers Products uses a periodic inventory system. The company's records show the beginning inventory of PH4 oil filters on January 1 and the purchases of this item during the current year to be as follows. Jan. 1 Beginning inventory 11 units @ $ 3.