Wynn Company use the periodic inventory system to account for inventories.Information related to Wynn Company's inventory at October 31 is given below:
October 1 Beginning inventory 400 units x $10.00 = $4,000
8 Purchase 800 units x $10.40 = $8,320
16 Purchase 600 units x $10.80 = $6,480
24 Purchase 200 units x $11.60 = $2,320
Total units and cost 2000units $21,120
Instructions:
1.Show computations to value the ending inventory using the FIFO cost assumption if 600 units remain on hand at October 31.
2.Show computations to value the ending inventory using the weighted-average cost method if 600 units remain on hand at October 31.
3.Show computations to value the ending inventory using the LIFO cost assumption if 600 units remain on hand at October 31.