Question
Kaleta Company uses a periodic reporting system for the month of June. Units Unit cost Total cost June 1 Inventory 260 $3 $ 780 12
Kaleta Company uses a periodic reporting system for the month of June. |
Units | Unit cost | Total cost | |||||||||
June 1 | Inventory | 260 | $3 | $ 780 | |||||||
12 | Purchase | 520 | 8 | 4,160 | |||||||
23 | Purchase | 390 | 11 | 4,290 | |||||||
30 | Inventory | 130 |
Calculate the cost of ending inventory and the cost of goods sold under FIFO and LIFO.
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Financial Accounting Tools for Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
9th edition
1-119-49356-3, 1119493633, 1119493560, 978-1119493631
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