Question
Assume ABC Inc. has the following information for February 2021: February 1 Beginning inventory 10 units at $1.00 = $10 February 2 Purchase 20 units
Assume ABC Inc. has the following information for February 2021:
February 1 Beginning inventory 10 units at $1.00 = $10
February 2 Purchase 20 units at $1.10 = $22
On February 2, ABC sold 20 units at $2.00 each.
Required:
Compute COGS and ending inventory using:
FIFO method
Weighted average method
What is gross profit?
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Special Edition Of Managerial Accounting Volume 2 For Miami Dade College
Authors: WilD
4th Edition
0077542711, 978-0077542719
