Question
Hannan Company uses the periodic inventory system for June 2015, the following information is available. June 1: Beginning inventory June 15: Purchase June 23:
Hannan Company uses the periodic inventory system for June 2015, the following information is available. June 1: Beginning inventory June 15: Purchase June 23: Purchase Method FIFO LIFO During June 140 units were sold. Calculate the Cost of Merchandise Sold and ending Inventory under LIFO and FIFO, weighted-average cost methods. Weighted- average UNITS 100 COGS 150 70 UNIT COST $15 $16 $18 Ending Inventory
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Using Financial Accounting Information The Alternative to Debits and Credits
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