Question
Mini-Exercise 5-5 Cost flow assumptions-FIFO and LIFO using a periodic system LO 7, 8 Sales during the year were 1,140 units. Beginning inventory was 360
Mini-Exercise 5-5 Cost flow assumptions-FIFO and LIFO using a periodic system LO 7, 8
| Sales during the year were 1,140 units. Beginning inventory was 360 units at a cost of $5 per unit. Purchase 1 was 570 units at $6 per unit. Purchase 2 was 880 units at $7 per unit. |
| Required: |
| a. | Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory usingFIFO method. |
| b. | Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory usingLIFO method. |
THE CHART IS ATTACHED BELOW |
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Auditing Cases An Active Learning Approach
Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt
2nd Edition
0130674842, 978-0130674845
