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ExxonMobil evaluates inventory using FIFO with beginning inventory 15,000 units at $5/unit, purchases: 25,000 units at $6/unit, 30,000 units at $7/unit, ending inventory 20,000 units.
- ExxonMobil evaluates inventory using FIFO with beginning inventory 15,000 units at $5/unit, purchases: 25,000 units at $6/unit, 30,000 units at $7/unit, ending inventory 20,000 units.
- Requirements:
- Calculate the cost of goods sold (COGS).
- Determine the value of ending inventory.
- Prepare an inventory valuation report.
- Discuss the impact of FIFO on financial statements.
- Requirements:
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Financial Accounting Tools for Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
6th Canadian edition
1118644948, 978-1118805084, 1118805089, 978-1118644942
