Question
I will appreciate if anyone can show me the procediment to find the answers that I already have in LIFO and FIFO method. Addison, Inc.
I will appreciate if anyone can show me the procediment to find the answers that I already have in LIFO and FIFO method.
Addison, Inc. uses a perpetual inventory system. The following is information about one inventory item for the month of September:
| Sep. 1 | Inventory | 20 units at $20 |
| 4 | Sold | 10 units |
| 10 | Purchased | 30 units at $25 |
| 17 | Sold | 20 units |
| 30 | Purchased | 10 units at $30 |
If Addison uses LIFO, the cost of the ending merchandise inventory on September 30 is
a.$800
b.$750 ANSWER
c.$650
d.$700
Addison, Inc. uses a perpetual inventory system. The following is information about one inventory item for the month of September:
| Sep. 1 | Inventory | 20 units at $20 |
| 4 | Sold | 10 units |
| 10 | Purchased | 30 units at $25 |
| 17 | Sold | 20 units |
| 30 | Purchased | 10 units at $30 |
If Addison uses FIFO, the cost of the ending merchandise inventory on September 30 is
a.$800 ANSWER
b.$700
c.$650
d.$750
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Contemporary Auditing University Of Southern Indiano
Authors: Michael C. Knapp
7th Edition
0324658052, 978-0324658057
