The following is the inventory for the year for Cyber Energy:
DateUnits
Cost per unit
Total Cost
Beginning inventory, Jan. 11,000
$4.00
$4,000
Purchase, May 61,250
$4.20
$5,250
Purchase, July 182,000
$4.75
$9,500
Purchase, December 10750
$6.00
$4,500
Total Units Available5,000
$23,250
Calculate the ending inventory of 1,500 units using both FIFO and LIFO methods.
a.Which method values the ending inventory higher, andb.How much higher?
What will be an ideal response?
| a. | FIFO |
| b. | $1,962.50 |
Business
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