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Pronghorn Inc. is trying to determine whether to use the FIFO or average cost formula. The accounting records show the following selected inventory information: Date
Pronghorn Inc. is trying to determine whether to use the FIFO or average cost formula. The accounting records show the following selected inventory information: Date Oct. 2 15 29 Units Purchases 14,000 Cost 8,400 $13 $109,200 Total 15 210,000 Cost of Goods Sold Units 21,400 [6] [8] Cost Total Units 8,400 [1] [3] Ending Inventory Cost $13 [2] [4] [7] [9] [10] [11] [12] Total $109,200 [5] [13] The company accountant has prepared the following partial statement of income to help management understand the financial statement impact of each cost determination cost formula S
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