If Comcast is upgrading its cable boxes and has 550 obsolete boxes in ending inventory. Beginning inventory and purchases Beginning inventory: January 1 March 1 Boxes Box cost Total cost 14,500 $5 $ 72,500 33,000 115,000 5,500 6 June 1 1,500 1,000 1,100 23,600 September 1 December 1 FIFO LIFO Weighted average 10 13 22 What is the cost of ending inventory using FIFO, LIFO, and the weighted-average method? Note: Round your intermediate calculations to 2 decimal places and final answers to the nearest dolla amount. Ending inventory 13,000 24,200 $ 157,700

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in…