Question
Bullwinkle company has the following inventory, purchases, and sales data for the month of August. Beginning Inventory: Aug 1 20 units @ $2 $40 Purchases:
Bullwinkle company has the following inventory, purchases, and sales data for the month of August.
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 August using the assumptions (a) FIFO (4 marks) and (b) average-cost (4 marks)
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College Accounting A Practical Approach Chapters 1-26
Authors: Jeffrey Slater
8th Edition
0130911429, 978-0130911421
