Question
The following data are available for one of the products sold by Green Company, which uses a perpetual inventory system. Oct. 1 Beginning inventory, 800
The following data are available for one of the products sold by Green Company, which uses a perpetual inventory system.
Oct. | 1 | Beginning inventory, 800 units at $2 each |
5 | Purchased 2,000 units at $2.50 each | |
10 | Sold 2,500 units at $5 each | |
15 | Purchased 1,700 units at $3 each | |
25 | Sold 1,500 units at $6 each |
Calculate the total dollar amount of cost of goods sold and total dollar amount of ending inventory for October assuming FIFO is used.
Calculate total dollar amount of cost of goods sold and total dollar amount of ending inventory for October assuming LIFO is used.
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Cornerstones of Financial and Managerial Accounting
Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen
2nd edition
978-0538473484, 538473487, 978-1111879044
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