Question
a company shows the following data related to an item of inventory: inventory, january 1 .. 200 units @ $5.00 ...... purchase, january 9 ..
a company shows the following data related to an item of inventory:
inventory, january 1 .. 200 units @ $5.00 ...... purchase, january 9 .. 600 units @ $5.40 ...... purchase, january 19 .. 140 units @ 6.00 ...... inventory, january 31 .. 200 units ...... (a) what value should be assigned to the ending inventory using FIFO? ...... (b) what value should be assigned to cost of goods sold using LIFO? ...... (c) what value should be assigned using weighted average? ...... (d) assuming the company keeps perpetual inventory and uses the moving average method of inventory costing, what is the cost of goods sold (and ending inventory) if all 740 units were sold on january 12? ...... (e) assuming the company keeps perpetual inventory and uses the LIFO method of inventory costing, what is the cost of goods sold (and ending inventory) if all 740 units were sold on january 12?
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