Question
Given the following information, determine the cost of ending inventory at December 31: December 2: 5 units were purchased at $7 per unit. December 9:
Given the following information, determine the cost of ending inventory at December 31:
December 2: 5 units were purchased at $7 per unit. December 9: 10 units were purchased at $9.40 per unit.
December 11: 12 units were sold at $35 per unitDecember 15: 20 units were purchased at $10.15 per unit December 22: 18 units were sold at $35 per unit
Use the above information for parts a, b and c.
a. Use the LIFO , Last In First Out, inventory flow and perpetual inventory method to value the ending inventory. SHOW YOUR WORK
b. Use the FIFO, First In First Out, inventory flow and perpetual inventory method to value the ending inventory. SHOW YOUR WORK
c. Use the weighted average inventory flow and perpetual inventory method to value the ending inventory. SHOW YOUR WORK
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Statistical Techniques For Analytical Review In Auditing
Authors: Kenneth W. Stringer, Trevor R. Stewart
1st Edition
047186076X, 978-0471860761
