Question
Brooklyn Corporation had the following transactions relating to product X during September Date Units Unit Cost September 1 Balance on hand.................................................................. 600 Units $1.50 6
Brooklyn Corporation had the following transactions relating to product X during September
Date Units Unit Cost
September 1 Balance on hand.................................................................. 600 Units $1.50
6 Purchase............................................................................. 200 Units $2.00
12 Sale................................................................................... 400 Units
13 Sale................................................................................... 100 Units
18 Purchase.......................................................................... 250 Units $3.00
20 Purchase.......................................................................... 150 Units $3.50
25 Sale.................................................................................. 300 Units
Determine the ending inventory value under each of the following costing methods
FIFO (perpetual)
FIFO (periodic)
LIFO (perpetual)
LIFO (periodic)
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Auditing and Assurance Services Understanding the Integrated Audit
Authors: Karen L. Hooks
1st edition
471726346, 978-0471726340
