Question
The data for inventory for an item are: September 1st- Beginning inventory 40 units at $40 September 4th-sold 30 units September 10th- purchased 30 units
The data for inventory for an item are:
September 1st- Beginning inventory 40 units at $40
September 4th-sold 30 units
September 10th- purchased 30 units at $42
September 17th- Sold 20 units
September 30th- purchased 20 unites at $44
A. Using the perpetual inventory system, costing by the average cost method, what is the cost of the merchandise inventory of 40 units on September 30?
B. Using the periodic inventory system, costing by the LIFO method, what is the cost of the merchandise inventory of 40 units on September 30?
C. Using the periodic inventory system, costing by the FIFO method, what is the cost of the merchandise inventory of 40 units on September 30?
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Fundamental Accounting Principles Volume I
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
16th Canadian edition
978-1260305821
