Question

I need the four blank boxes answered with the solutions on how to do them

Inventory Costing Methods Morrison Inc. reported the following information for the month of October: Inventory, October 1 67 units @ $22 Purchase: October 7 55 units @ $24 October 18 58 units @ $25 October 27 45 units @ $27 During October, Morrison sold 144 units. The company uses a periodic inventory system. Required: What is the value of ending inventory and cost of goods sold for October under the following assumptions. Assumption Cost of Goods Sold Ending Inventory 1. Of the 144 units sold, 56 cost $22, 39 cost $24, 44 cost $25, and 5 cost $27. $ 3,403 → 2,056 2. FIFO $ х х 3. LIFO $ х $ х 4. Weighted average method (Round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest dollar.) $ 3,493 1,965

Answer 1

2. FIFO
Cost of Goods Sold = $3344, Ending Inventory = $2115

3. LIFO
Cost of Goods Sold = $3649, Ending Inventory = $1810

FIFO	Available for Sale			Cost of Goods Sold			Inventory on hand
Activity	Units	Unit Price	Amount	Units	Unit Price	Amount	Units	Unit Price	Amount
Beginning Inventory	67	$          22.00	$          1,474	67	$             22.00	$              1,474
Purchase Oct 7	55	$          24.00	$          1,320	55	$             24.00	$              1,320
Purchase Oct 18	58	$          25.00	$          1,450	22	$             25.00	$                 550	36	$             25.00	$                 900
Purchase Oct 27	45	$          27.00	$          1,215				45	$             27.00	$              1,215
Total	225		$          5,459	144		$             3,344	81		$             2,115
LIFO	Available for Sale			Cost of Goods Sold			Inventory on hand
Activity	Units	Unit Price	Amount	Units	Unit Price	Amount	Units	Unit Price	Amount
Beginning Inventory	67	$          22.00	$          1,474				67	$             22.00	$              1,474
Purchase Oct 7	55	$          24.00	$          1,320	41	$             24.00	$                 984	14	$             24.00	$                 336
Purchase Oct 18	58	$          25.00	$          1,450	58	$             25.00	$              1,450
Purchase Oct 27	45	$          27.00	$          1,215	45	$             27.00	$              1,215
Total	225		$          5,459	144		$             3,649	81		$             1,810

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