Question - Pemberton Products uses a periodic inventory system. The company's records show the beginning inventory of PH4 oil filters on January 1 and the purchases of this item during the current year to be as follows:
Jan. 1 Beginning inventory 9 units @ $3.00 $ 27.00
Feb. 23 Purchase 12 units @ $3.50 42.00
Apr. 20 Purchase 30 units @ $3.80 114.00
May 4 Purchase 40 units @ $4.00 160.00
Nov. 30 Purchase 19 units @ $5.00 95.00
Totals 110 units $ 438.00
A physical count indicates 20 units in inventory at year-end.
Determine the cost of the ending inventory on the basis of each of the following methods of inventory valuation.
Average cost $
FIFO $
LIFO $