Zippy a regional convenience store chain maintains milk

inventory by #397
Zippy, a regional convenience store chain, maintains milk inventory by the gallon. The first
month’s milk purchases and sales at its Columbus, Ohio, location follow:Nov. 2 Purchased 11
gallons @ $2.00 each 6 Purchased 2 gallons @ $2.65 each 8 Sold 3 gallons of milk to a
customer13 Purchased 2 gallons @ $2.70 each14 Sold 3 gallons of milk to a
customerRequirements1. Determine the amount that would be reported in ending merchandise
inventory on November 15 using the FIFO inventory costing method.2. Determine the amount
that would be reported in ending merchandise inventory on November 15 using the LIFO
inventory costing method.3. Determine the amount that would be reported in ending
merchandise inventory on November 15 using the weighted-average inventory costing method.
Round all amounts to the nearest cent.View Solution:
Zippy a regional convenience store chain maintains milk inventory by

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