Computing Cost of Goods Sold and Ending Inventory Under FIFO, LIFO, and Average Cost Wong Corporation reports
Question:
Computing Cost of Goods Sold and Ending Inventory Under FIFO, LIFO, and Average Cost Wong Corporation reports the following beginning inventory and inventory purchases.
Inventory balance at beginning of year . . . . . . . . . . . . . . . . . . ????00 units @ $1???? each $ ????,800 Inventory purchased during the year . . . . . . . . . . . . . . . . . . . . 700 units @ $1???? each 9,800 Cost of goods available for sale during the year . . . . . . . . . . . 1,100units $1????,600 Wong sells 600 of its inventory units during the year. Compute the cost of goods sold for the year and the inventory on the year-end balance sheet under the following inventory costing methods:
a???? FIFO b???? LIFO c???? Average Cost
Step by Step Answer:
Financial Statement Analysis And Valuation
ISBN: 9781618532336
5th Edition
Authors: Peter D. Easton, Mary Lea McAnally, Gregory A. Sommers