Question
EBECEDE Company has the following inventory transactions for the month of February: Units Unit Cost Beginning, Feb. 1 10,000 40 Purchases, Feb. 10 10,000 43
EBECEDE Company has the following inventory transactions for the month of February:
| Units | Unit Cost | |
| Beginning, Feb. 1 | 10,000 | 40 |
| Purchases, Feb. 10 | 10,000 | 43 |
| Sold, Feb. 15 | 15,000 | |
| Purchases, Feb. 18 | 5,000 | 44 |
| Sold, Feb. 25 | 2,000 |
The company uses the perpetual inventory system. Determine the cost of inventory on February 29 and cost of goods sold under:
| Inventory Cost Flow | Ending Inventory | Cost of Goods Sold (COGS |
| First in, first out (FIFO) | ||
| Weighted Average | ||
| Last in, first out (LIFO) |
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Accounting Principles
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
13th edition
978-1-119-4110, 1119411483, 9781119411017, 978-1119411482
