Horan Ltd has the following inventory transactions for the year ending 30 June 2022. All inventory items
Question:
Horan Ltd has the following inventory transactions for the year ending 30 June 2022. All inventory items are identical.
Horan Ltd sells 8000 units during the year, and has periodic system to record inventory. At year end, the net 2000 units on hand at year end. The company uses the realisable value of each inventory item is $20 per unit.
REQUIRED
Compute the cost of sales and ending inventory amounts under the following cost-flow methods:
a. First-in, first-out (FIFO) method
b. Weighted-average cost method
c. Last-in, first-out (LIFO) method.
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Step by Step Answer:
a b c FIFO The cost of sales comprises the beginnin...View the full answer
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