Question
Given the following information, determine the cost of ending inventory at December 31: December 4: 6 units were purchased at $7 per unit. December 12:
Given the following information, determine the cost of ending inventory at December 31:
December 4: 6 units were purchased at $7 per unit. December 12: 8 units were purchased at $9 per unit.
December 18: 13 units were sold at $35 per unit
December 21: 15 units were purchased at $10 per unit December 28: 11 units were sold at $38 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
Managerial Accounting
Authors: Ray Garrison, Eric Noreen and Peter Brewer
14th edition
978-007811100, 78111005, 978-0078111006
