The Willand Company had 320 units on hand at the beginning of the year, with a unit cost of $4. 1 answer below »
The Willand Company had 320 units on hand at the beginning of the year, with a unit cost of $4.20. The number and unit cost of units purchased and the number of units sold during the year are shown. What would be the value of the ending inventory of 380 units based on the (a) average cost; (b) first-in, first-out; and (c) last-in, first-out costing methods?
Units
Unit
Units
Units
Date
Purchased
Cost
Sold
on Hand
Jan. 1
$4.20
320
Feb. 2
190
130
Apr. 16
200
$4.32
330
June 10
300
$4.40
630
Aug. 5
280
350
Oct. 12
250
$4.48
600
Nov. 27
220
380
a. Average cost:
b. First-in, first-out:
c. Last-in, first-out:
