Question
Date Explanation Units Unit Cost Total Cost 1-Jan Inventory 250 $ 12.00 $ 3,000.00 15-Feb Purchases 155 $ 13.50 $ 2,092.50 12-Apr Purchases 260 $
Date | Explanation | Units | Unit Cost | Total Cost | |||
1-Jan | Inventory | 250 | $ 12.00 | $ 3,000.00 | |||
15-Feb | Purchases | 155 | $ 13.50 | $ 2,092.50 | |||
12-Apr | Purchases | 260 | $ 13.90 | $ 3,614.00 | |||
5-May | Sale | 490 | |||||
3-Jun | Purchases | 200 | $ 15.75 | $ 3,150.00 | |||
Purchased | 865 | Total Cost | $ 11,856.50 | ||||
Sold | 490 | ||||||
End. inventory | 375 |
Determine (1) the ending inventory and (2) the cost of goods sold under each of the | ||
assumed cost flow methods (FIFO, LIFO and average cost). |
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Accounting Tools for Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
6th edition
1118096894, 978-1-11921511, 978-1118096895
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