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September 19, 2014

Homework Help: Business Math

Posted by Jean on Wednesday, December 26, 2012 at 8:48pm.

Being inventory of 12 sets of paints at a cost of $1.50 each. During the year the store purchased 4 sets at $1.60, 6 sets at $2.20, 6 sets at $2.50, and 10 sets at $3.00. By the end of the year, 25 sets were sold. Caculate the number of paint sets in stock and the cost of ending inventory under LIFO, FIFO and the weighted average method.Round to nearest cent for weight average.

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