Essay
Faster Company uses the periodic inventory method and had the following inventory information available: 
A physical count of inventory on December 31 revealed that there were 55 units on hand.
Instructions
Answer the following independent questions and show computations supporting your answers.
1. Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is $__________.
2. Assume that the company uses the Average Cost method. The value of the ending inventory on December 31 is $__________.
3. Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is $__________.
4. Assume that the company uses the FIFO method. The value of the cost of goods sold at December 31 is $__________.
Correct Answer:
Verified
Correct Answer:
Verified
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