Question
4. Inventory Cost Flow Assumptions. Mark, Inc. provided the following information regarding its merchandise in the current year. The company sold 620 units during the
4. Inventory Cost Flow Assumptions. Mark, Inc. provided the following information regarding its merchandise in the current year. The company sold 620 units during the year. a. Compute the units/cost of goods available for sale.
b. Compute the number of units in the ending inventory. Units in Ending Inventory = c. Compute the cost of the ending inventory and cost of goods sold using FIFO, LIFO and Weighted Average methods. FIFO Goods Available for Sale Ending Inventory Cost of Goods Sold LIFO Goods Available for Sale Ending Inventory Cost of Goods Sold Weighted average unit cost = Weighted Average Goods Available for Sale Ending Inventory Cost of Goods Sold
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