Question
Fax manufacturing has the following information in related to commodity D2 July July 1 beginning inventory 15 units@30 July 4 sales 5 units @35 July
Fax manufacturing has the following information in related to commodity D2 July
July 1 beginning inventory 15 units@30
July 4 sales 5 units @35
July 10 purchase 10 units @32
July 14 sales 12 units @39
July 21 sales 3 units @40
July 30 purchase 10 units @33
Required
Task 1. If the company used perpetual inventory system and FIFO costed method
A. Determine cost of good sold and cost of ending inventory on hand at the end of year
B. Determine amount of gross profit
Task 2. If the company used periodic inventory system and LIFO costed method
A. Determine cost of good sold and cost of ending inventory on hand at the end of year
B. Determine amount of gross profit
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Advanced Accounting
Authors: Paul Marcus Fischer, Rita H Cheng, William James Taylor, Roger Taylor
10th Edition
0324379056, 9780324379051
