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Inventory Valuation: FIFO, LIFO and AVERAGE
The company reported the following inventory data for the year.
| Description | Units | Cost per Unit |
| Beginning Inventory | 300 | $17.50 |
| Purchases: | ||
| March 23 | 900 | $18.00 |
| September 16 | 1,200 | $18.25 |
| Units remaining at year-end | 400 |
Compute the ending inventory assuming the following methods:
a. FIFO inventory valuation
b. LIFO inventory valuation
c. Average Cost Inventory valuation
The company uses a periodic inventory system.
Note: Please set this up in a table like you would in Microsoft Excel. I’m struggling on how I could answer this question. If you could help me out and walk me through how you answered my question, it would be greatly appreciated. Thanks in advance.
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