The following is a record of Cannondale Companys transactions for Boston Teapots for the month of May

Question:

The following is a record of Cannondale Company’s transactions for Boston Teapots for the month of May 2022.

Instructions

a. Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 510 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO?

b. Assuming that perpetual records are maintained and they tie into the general ledger, calculate the ending inventory using (1) FIFO and (2) LIFO.

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Intermediate Accounting IFRS

ISBN: 9781119607519

4th Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

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Question Posted: Jul 29, 2021 08:56 AM

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The following is a record of Cannondale Companys transactions for Boston Teapots for the month of May

Question:

May 1 Balance 400 units @ $20 May 1o Sale 300 units @ $38 12 Purchase 600 units @ $25 20 Sale 590 units @ $38 28 Purchase 40o units @ $30

Step by Step Answer:

Intermediate Accounting IFRS

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