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Calculate cost of goods sold and ending inventory at December 31, 2016 under the following methods. Assume the opening inventory was valued at $6.00 a
Calculate cost of goods sold and ending inventory at December 31, 2016 under the following methods. Assume the opening inventory was valued at $6.00 a unit under LIFO, $6.10 a unit under weighted average and $6.25 a unit under FIFO. Assume they used a perpetual inventory system.
Following are the 2016 inventory records for mud flaps for Fleets, Inc Units 700 Cost per Unit Total Beginning inventory at January 1, 2016 Purchases on account: February 20 July 30 September 30 December 1 800 1.200 1.200 900 4.100 $6.35 6.80 7.00 7.50 5,080 8,160 8,400 6.750 $28,390 Units Sales Price Total Sales on account February 1 August 15 November 30 600 1,300 1,400 3.300 $15.25 15.50 15.50 $ 9,150 20,150 21,700 $ 51,000Step by Step Solution
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