Use the following information from Key Company for the month of July to answer questions 1...

Use the following information from Key Company for the month of July to answer questions 1 through 4:

July 1	Beg. Inventory	75 Units @ $25 each
July 3	Purchase	348 Units @ $27 each
July 8	Sale	300 Units
July 15	Purchase	257 Units @ $28 each
July 23	Sale	275 Units

Assume that Key uses a perpetual FIFO inventory system. What is the dollar value of its ending inventory?

Date	Beg. Inv.	Purchase	Sale	End. Inv.

Assume that Key uses a perpetual LIFO inventory system. What is the dollar value of its ending inventory?

Date	Beg. Inv.	Purchase	Sale	End. Inv.

Assume that Key uses a perpetual weighted average inventory system. What is the dollar value of its ending inventory?

Date	Beg. Inv.	Purchase	Sale	End. Inv.

Assume that Key uses a perpetual specific identification inventory system. Its ending inventory consists of 20 units from beginning inventory, 40 units form the July 3 purchase, and 45 units from the July 15 purchase. What is the dollar value of its ending inventory? (No chart like other problems necessary – Do not overthink the information)

Expert Solution

ekkarill92 answered 2 years ago

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