Question

In: Accounting

In its first month of operations, Bethke Company made three purchases of merchandise in the following...

In its first month of operations, Bethke Company made three purchases of merchandise in the following sequence: (1) 161 units at $14, (2) 555 units at $15, and (3) 122 units at $16.

Assuming there are 353 units on hand, compute the cost of the ending inventory under the FIFO method and LIFO method. Bethke uses a periodic inventory system.

FIFO

LIFO

The cost of the ending inventory $ $

Solutions

Expert Solution

Workings and FIFO Method:

LIFO Method and Final Answer:


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