Question
Inventory data for Wilson Corporation for August 2020 are as follows: August 1 Balance 75 units at $100 each August 12 Purchase 70 units at
- Inventory data for Wilson Corporation for August 2020 are as follows:
August 1 Balance 75 units at $100 each
August 12 Purchase 70 units at $105 each
August 16 Sale 65 units
August 21 Purchase 80 units at $108 each
August 30 Sale 75 units
Required: Calculate the ending inventory and cost of goods sold in dollars, using:
- LIFO (Perpetual)
- FIFO (Perpetual)
- Average (Perpetual)
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Fundamentals of Financial Accounting
Authors: Fred Phillips, Robert Libby, Patricia Libby, Brandy Mackintosh
4th Canadian edition
978-1259269868, 978-1259103292
