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Bingo Company had a beginning inventory on January 1 of 150 units of Product at a cost of $20 per unit During the year, the
Bingo Company had a beginning inventory on January 1 of 150 units of Product at a cost of $20 per unit | ||||
During the year, the following purchases were made: | ||||
Date | Units | Price | ||
15-Mar | 400 | 21.00 | ||
20-Jul | 250 | 22.00 | ||
4-Sep | 350 | 24.00 | ||
2-Dec | 100 | 30.00 | ||
1,000 Units were sold druing the year. | ||||
Bingo Co computes ending inventory and COGS under the periodic inventry method. | ||||
INSTRUCTIONS: | ||||
(A) | Determine the cost of product available for sale | |||
(B) | Determine the ending inventory value and cost of goods using each of the following cost flow methods: | |||
FIFO | ||||
LIFO | ||||
Average Cost |
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