Question
Hi, please use the following information to do the FIFO and LIFO method. Thank you! A company reports the following beginning inventory and two purchases
Hi, please use the following information to do the FIFO and LIFO method. Thank you!
A company reports the following beginning inventory and two purchases for the month of January.
On January 26, the company sells 400 units. Ending inventory at January 31 totals 150 units.
Beginning inventory on January 1: 360 units. Unit Cost: 3.50
Purchase on January 9: 80 units. Unit Cost: 3.70
Purchase on January 25: 110 units. Unit Cost: 3.80
Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method.
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Auditing A Practical Approach
Authors: Robyn Moroney, Fiona Campbell, Jane Hamilton, Valerie Warren
3rd Canadian edition
1-119-40285-5, 111940276X, 978-1119566007
