Question
Bullwinkle company has the following inventory, purchases, and sales data for the month of March. Beginning Inventory: Aug 1 20 units @ $2 $40 Purchases:
Bullwinkle company has the following inventory, purchases, and sales data for the month of March. Beginning Inventory: Aug 1 20 units @ $2 $40 Purchases: Aug 10 60 units @ $2.5 150 Aug 20 70 units @ $3 210 Sales: Aug 12 30 units Aug 27 60 units Instructions:
Determine the COGS and ending inventory cost at July 31 using the assumptions
(a) FIFO (4 marks) and (b) average-cost (4 marks)
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Accounting A Smart Approach
Authors: Mary Carey, Jane Towers Clark, Cathy Knowles
1st Edition
0199587418, 978-0199587414
