Question
The following information is available for Goode Company: May 1 Beginning inventory 18 units @ $5 per unit May 7 Purchase 12 units @ $5.5
"The following information is available for Goode Company:
May 1 Beginning inventory 18 units @ $5 per unit
May 7 Purchase 12 units @ $5.5 per unit
May 10 Sale 14 units
May 17 Purchase 10 units @ $6.2 per unit
May 19 Sale 4 units
Required:
Answer the following questions for Goode Company:
a. If perpetual FIFO is used, what is the total ending inventory in dollars?
b. If perpetual LIFO is used, what is the cost of goods sold for the month?
c. If weighted average is used, what is the ending inventory?
d. If moving average is used, what is the cost per unit sold for the May 10 sale?
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Accounting Theory And Practice
Authors: M. W. E. Glautier, Brian Underdown
7th Edition
0273651617, 978-0273651611
