Question
The following information by XYZ company Ltd related to first week of December 2013: 1st receipt 40 units @ 15.00 2nd receipt 20 units @16.50
1st receipt 40 units @ 15.00
2nd receipt 20 units @16.50
3rd issued 30 units @15.00
4th receipt 50 units @ 17.10
5th issued 10 units @ 15.00
5th issued 10 units @16.50
6th issued 10 units @ 16.50
6th issued 30 units @ 17.10
Required
Using I) FIFO and LIFO methods
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Using FIFO FirstIn FirstOut Method 1 Calculate the cost of goods sold COGS and ending inventory for the first week of December 2013 using the FIFO met...
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Step: 2
Step: 3
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Intermediate Accounting
Authors: kieso, weygandt and warfield.
14th Edition
9780470587232, 470587288, 470587237, 978-0470587287
