Question
Madison Outlet has the following inventory transactions for the year: + Date Transaction Number of Unites Unit Cost Total Cost Jan 1 Beginning 10
Madison Outlet has the following inventory transactions for the year: + Date Transaction Number of Unites Unit Cost Total Cost Jan 1 Beginning 10 $200 $2,000 inventory Mar 14 Purchase 15 300 4,500 $6,500 Jan 1-Dec Total sales 12 500 6,000 31 to customers What amount would Madison report for Cost of Goods Sold and Ending Inventory using 1.FIFO, 2. LIFO and 3. Average Cost Flow assumption?
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Financial Accounting
Authors: David Spiceland, Wayne M. Thomas, Don Herrmann
5th edition
1259914895, 978-1259914898
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