Question
I. Cost Flow Assumptions RennStall made the following purchases and sales of a particular product: Date Purchases at Cost Total Cost Sales at Retail Total
I. Cost Flow Assumptions
RennStall made the following purchases and sales of a particular product:
Date Purchases at Cost Total Cost Sales at Retail Total Retail
Begin Inventory 100 x $35 =
8/6 200 x $40 =
8/10 150 x $100 =
8/15 50 x $100 =
8/22 250 x $45 =
8/23 160 x $100 =
8/31 50 x $100 =
Totals units
III. Periodic Method
For the month of August, compute the value of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, (c) Weighted Average, and (d) Specific Identification. The units physically remaining are all from the August 6 purchase which cost $40 each.
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