Question
Date and Transaction Units and Value Additional notes Beginning Inventory 30 units @ $10.50 10/4 Purchase 70 units @ $9.00 Discount 2%, 5 units returns,
| Date and Transaction | Units and Value | Additional notes |
| Beginning Inventory | 30 units @ $10.50 |
|
| 10/4 Purchase | 70 units @ $9.00 | Discount 2%, 5 units returns, $0.05 freight |
| 10/6 Purchase | 40 units @ $9.50 | Discount 2%, $0.05 freight |
| 10/10 Sale | 100 units @ $11 |
|
| 10/15 Purchase | 60 units @ $10.00 | Discount 2%, 10 returns, $0.05 freight |
| 10/20 Purchase | 50 units @ $11.00 | 5 returns, $0.05 freight |
| 10/25 Sale | 100 units @ $12 |
|
Record COGS and calculate ending inventory using a periodic LIFO cost assumption.
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Auditing Cases An Interactive Learning Approach
Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt
5th International Edition
0132815591, 9780132815598
