Question
n its first month of operations,Cheyenne Corp.made three purchases of merchandise in the following sequence: (1)185units at $5, (2)570units at $6, and (3)130units at $7.
n its first month of operations,Cheyenne Corp.made three purchases of merchandise in the following sequence: (1)185units at $5, (2)570units at $6, and (3)130units at $7.
Assuming there are260units on hand, compute the cost of the ending inventory under the (a) FIFO method and (b) LIFO method.Cheyenneuses a periodic inventory system.
(a)Cost of the ending inventory:
(b)Cost of the ending inventory:
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Introduction to Managerial Accounting
Authors: Peter C. Brewer, Ray H Garrison, Eric Noreen
8th edition
1259917061, 978-1259917066
