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e. Assume thuc Hution ublizes the LiFO mechod and 1. Recocd the effects of each of une following summary trancactions 1 and 2 on the
e. Assume thuc Hution ublizes the LiFO mechod and 1. Recocd the effects of each of une following summary trancactions 1 and 2 on the financul statenient elteds template 1. Furchaned inventory for $84.540 cash. 2. Sold $61,020 of inventory for $102,000 cash Nete: ind cate a decteabe in an account category by including a recabve sigs with she amburt. At the beganing of the current period, Hucton Company holds 1.200 units of its only product wath a per-unit cost of 518 . A summary of purchases during the turrent period follows. During the current period, Huttion sels 3,360 units Required a. Assume that Hutton uses the firstif, first-out (Fifo) method Compute the cost of goods sold for thecuirrent penod and the ending inveritory balance b. Assume that Hutton uses the lastin, firstout (UFO) method Compute the cost of goods sold for the current period and the ending inventory balance c. Assume thas Hutton uses the aver age cost (a.G method. Compute the cost of goods sold for the current peried and the ending imentory balance. Note: Do not use a negarive sign with your answers. e. Assume thuc Hution ublizes the LiFO mechod and 1. Recocd the effects of each of une following summary trancactions 1 and 2 on the financul statenient elteds template 1. Furchaned inventory for $84.540 cash. 2. Sold $61,020 of inventory for $102,000 cash Nete: ind cate a decteabe in an account category by including a recabve sigs with she amburt. At the beganing of the current period, Hucton Company holds 1.200 units of its only product wath a per-unit cost of 518 . A summary of purchases during the turrent period follows. During the current period, Huttion sels 3,360 units Required a. Assume that Hutton uses the firstif, first-out (Fifo) method Compute the cost of goods sold for thecuirrent penod and the ending inveritory balance b. Assume that Hutton uses the lastin, firstout (UFO) method Compute the cost of goods sold for the current period and the ending inventory balance c. Assume thas Hutton uses the aver age cost (a.G method. Compute the cost of goods sold for the current peried and the ending imentory balance. Note: Do not use a negarive sign with your answers
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