Question
Required: Calculate cost of goods sold and ending inventory under the following cost flow assumptions (using a periodic inventory system): a.FIFO b.LIFO 5.5 Sales during
Required:
Calculate cost of goods sold and ending inventory under the following cost flow assumptions (using a periodic inventory system):
a.FIFO
b.LIFO
5.5 Sales during the year were 700 units. Beginning inventory was 400 units at a cost of $10 per unit. Purchase 1 was 500 units at $12 per unit. Purchase 2 was 300 units at $14 per unit.
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Accounting What The Numbers Mean
Authors: David Marshall
13th Edition
9781264126743
