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QUESTION
In its first month of operations, Cerretti Company made three purchases of merchandise in the following sequence: (1) 300 units at $44, (2) 400 units...
In its first month of operations, Cerretti Company made three purchases of merchandise in the following sequence: (1) 300 units at $44, (2) 400 units at $57, and (3) 500 units at $66. Assuming there are 300 units on hand, compute the cost of the ending inventory under (a) the FIFO method and (b) the LIFO method. Ceretti uses a periodic inventory system.
