Question
Q5. CALCULATE COGS AND ENDING INVENTORY USING FIFO AND LIFO METHOD- 15 MARKS DATE PARTICULARS UNITS COST PER UNIT TOTAL COST AUG 1 BEGINNING INVENTORY
Q5. CALCULATE COGS AND ENDING INVENTORY USING FIFO AND LIFO METHOD- 15 MARKS
| DATE | PARTICULARS | UNITS | COST PER UNIT | TOTAL COST |
| AUG 1 | BEGINNING INVENTORY | 10 @ | $91 | $910 |
| AUG 3 | PURCHASED | 15 @ | $106 | $1590 |
| AUG 17 | PURCHASED | 20 @ | $115 | $2300 |
| TOTAL GOODS AVAILABLE FOR SALE |
| 45 UNITS |
| $4800 |
FOLLOWING SALES WERE MADE-
| DATE | PARTICULARS | UNITS | SELLING PRICE PER UNIT | TOTAL COST |
| AUG 14 | SALES | 20 | $133 | $2660 |
| AUG 28 | SALES | 14 | $150 | $2100 |
| TOTAL |
| 34 |
| 4760 |
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Financial Accounting
Authors: Jan R. Williams, Susan F. Haka, Mark S. Bettner, Joseph V. Carcello
12th Edition
0071116796, 978-0071116794
