A) The number of cans of soup in ending inventory is <u>19.</u>
B) The cost of the ending inventory under LIFO, FIFO, and the weighted average is as follows:
LIFO $17.15
FIFO $25.65
Weighted average $21.47
<h3>What are the inventory methods?</h3>
The inventory methods include First-in, First-out (FIFO), Last-in, First-out (LIFO), Weighted Average, and Specific Identification.
FIFO assumes that the physical flow of goods during sales follows the chronological sequence of their acquisition.
LIFO assumes that the first goods acquired are the last to be sold.
The Weighted Average uses an average to determine the costs allocated to ending inventory and the cost of goods sold.
Specific Identification identifies the specific goods sold with their costs.
Description Units Unit Cost Total
Beginning inventory 12 $0.85 $10.20
Purchases 4 $0.95 $3.80
Purchases 6 $1.05 $6.30
Purchases 7 $1.35 $9.45
Purchases 8 $1.50 $12.00
Total 37 $41.75
Sales 18
Ending inventory 19 (37 - 18)
Average cost = $1.13 ($41.75/37)
<u>LIFO</u>:
Ending inventory = $17.15 ($10.20 + $3.80 + 3 x $1.05)
<u>FIFO</u>:
Ending inventory = $25.65 (4 x $1.05 + $9.45 + $12.00)
<u>Weighted Average</u>
Ending inventory = $21.47 (19 x $1.13)
Learn more about the inventory methods at brainly.com/question/25056275
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