Question
Problem 6-3A Groves Company Inc. had a beginning Inventory of 139 units of Product MLN at a cost of $11 per unit. During the year,
Problem 6-3A
Groves Company Inc. had a beginning Inventory of 139 units of Product MLN at a cost of $11 per unit. During the year, puchases were:
Feb.20 835 units at $13 Aug. 12 557 units at $15 May 5 696 units at $14 Dec. 8 139 units at $17
Groves Company uses a periodic inventory system. Sales totaled 2,087
Determine the cost of good available for sale
COGS- $32846 Correct
The cost of goods available to sale
Average Cost- $13.883 Correct
Determine the ending inventory and the cost of goods sold unnder each of the assumed cost flow methods ( FIFO, LIFO, and Average Cost
FIFO LIFO Average Cost
The ending Inventory $ $ $
The Costs of goods sold $ $ $
How do you calculate FIFO, LiFO is their a formula?
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