Question 37gray company uses the periodic inventory system to account for inventories. information related to gray company's inventory at october 31 is given below: october 1 beginning inventory 400 units @ $9.80 = $3,920 8 purchase 800 units @ $10.40 = 8,320 16 purchase 600 units @ $10.80 = 6,480 24 purchase 200 units @ $11.80 = 2,360 total units and cost 2,000 units $21,080 value the ending inventory using the fifo cost assumption if 550 units remain on hand at october 31.ending inventory $ value the ending inventory using the weighted-average cost method if 550 units remain on hand at october 31.ending inventory $ value the ending inventory using the lifo cost assumption if 550 units remain on hand at october 31.ending inventory $sunland shutters has the following inventory information. nov. 1 inventory 20 units @ $8 8 purchase 110 units @ $4.017 purchase 60 units @ $5.025 purchase 110 units @ $6.0a physical count of merchandise inventory on november 30 reveals that there are 110 units on hand. assume a periodic inventory system is used. ending inventory under fifo is$1608.$520.$660.$1662.

Last inventory of 110 @ 6 = 660

Explanation:

1. Ending Inventory using FIFO

24th purchase 200 @ 11.8 = 2360  

16th Purchase 350 @ 10.8= 3780

TOTAL=6140 (adding the 24th and 16th purchases)                      

2. Ending Inventory using Weighted Average

Total Inventory = 2000 units

Total Cost = 21080

Per unit = 21080/2000 = 10.54  (divide total cost / Total inventory)

Therefore, 550*10.54= 5797  (units remain multiplied by cost per unit)

3. Ending Inventory using LIFO

1 Beginning inventory = 400 @ 9.8 = 3920

8th purchase                 150 @ 10.4= 1560

Total = 5480  (Obtained by adding beginning inventory and the 8th purchase)

Sunland Shutter

Answer is 660

First in First out . Last inventory of 110 @ 6 = 660

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