Question
1. Assume the company uses the perpetual FIFO cost flow assumption. What is the ending inventory balance and cost of goods sold? You must show
1. Assume the company uses the perpetual FIFO cost flow assumption. What is the ending inventory balance and cost of goods sold? You must show your work.
Stratosphere Communications has the following inventory transactions in its first year.
- On Jan. 6, purchased 1,000 units at $3
- On Mar. 23, purchased 2,000 units at $4
- On Jun. 27, sold 1,500 units at $9
- On Oct. 1, purchased 3,000 units at $5
- On Dec. 15, sold 2,500 units at $11
2. Assume the company uses the periodic LIFO cost flow assumption. What is the ending inventory balance and cost of goods sold? You must show your work.
Stratosphere Communications has the following inventory transactions in its first year.
- On Jan. 6, purchased 1,000 units at $3
- On Mar. 23, purchased 2,000 units at $4
- On Jun. 27, sold 1,500 units at $9
- On Oct. 1, purchased 3,000 units at $5
- On Dec. 15, sold 2,500 units at $11
3. Assume the company uses the perpetual LIFO cost flow assumption. What is the ending inventory balance and cost of goods sold? You must show your work.
Stratosphere Communications has the following inventory transactions in its first year.
- On Jan. 6, purchased 1,000 units at $3
- On Mar. 23, purchased 2,000 units at $4
- On Jun. 27, sold 1,500 units at $9
- On Oct. 1, purchased 3,000 units at $5
- On Dec. 15, sold 2,500 units at $11
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Security And Auditing Of Smart Devices
Authors: Sajay Rai, Philip Chukwuma, Richard Cozart
1st Edition
0367567997, 978-0367567996
