Question
The company reported the following inventory data for the year: Beginning inventory....300 units.. $17.50 cost per unit Purchases: March 23..........900 units @ 18.00 cost per
The company reported the following inventory data for the year: Beginning inventory....300 units.. $17.50 cost per unit Purchases: March 23..........900 units @ 18.00 cost per unit September 16........1,200 units @ 18.25 cost per unit
Units remaining at year end.......400 units
Assume that the sales occurred as follows: January 16.............100 units sold July 15...................600 units sold November 1............1,300 units sold Total.......................2,000 units sold
The company uses a perpetual inventory system. Compute cost of goods sold assuming: LIFO inventory valuation ? average cost inventory?
Compute ending inventory assuming : LIFO inventory valuation ? average cost inventory valuation?
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