Question
Firm Mega is a merchandiser selling small devices. At the beginning of October, it has 400 devices in the warehouse. Each cost is 2.5 dollars.
Firm Mega is a merchandiser selling small devices.
At the beginning of October, it has 400 devices in the warehouse. Each cost is 2.5 dollars.
On Oct.5th, the firm purchased 300 new devices with a price of 3 dollars each.
On Oct.10th, the firm sold 500 devices.
On Oct.15th, the firm purchased 400 new devices with a price of 3.5 dollars each.
On Oct.20th, the firm sold 200 devices.
On Oct.25th, the firm sold 300 devices.
On Oct.30th, the firm purchased 250 new devices with a price of 4 dollars each.
Please determine the cost of merchandise sold during October and show the calculation process. Use LIFO Perpetual method.
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Auditing Cases An Active Learning Approach
Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt
2nd Edition
0130674842, 978-0130674845
