Question
The inventory at September 1 and the purchases during September of Hanna Ltd.'s raw material were as follows: Date Sept 1 Sept 5 Sept
The inventory at September 1 and the purchases during September of Hanna Ltd.'s raw material were as follows: Date Sept 1 Sept 5 Sept 14 Sept 27 Sept 29 Explanation Opening inventory Purchase Purchase Purchase Purchase Quantity 1,000 kg 3,000 kg 3,500 kg 3,000 kg 1,000 kg Amount $4,500 $13,500 $17,500 $16,500 $8,000 The inventory at September 30th is 1,800 kilograms. Assume a periodic inventory system. REQUIRED: Compute the cost of the inventory on September 30 under each of the following cost flow assumptions: a. FIFO b. Weighted Average c. LIFO
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
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