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Finding Ending Inventory and COGS Using LIFO, FIFO & Avg. Cost Methods: ABC Corp. has provided the following information about one of its products: Date
Finding Ending Inventory and COGS Using LIFO, FIFO & Avg. Cost Methods:
ABC Corp. has provided the following information about one of its products:
Date | Transaction | Number of Units | Cost per Unit |
1/1 | Beginning Inventory | 100 | $5 |
5/6 | Purchase | 50 | $7 |
10/10 | Purchase | 30 | $10 |
During the year, ABC Corp. sold 170 Units.
Use LIFO, FIFO & Avg. Cost Method to Calculate: Ending Inventory & COGS.
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