Question
The inventory data for an item for November are: Nov 1 Beginning inventory: 20 units at $60 Nov 4 sold: 10 units Nov 10 Purchased:
The inventory data for an item for November are:
Nov 1 Beginning inventory: 20 units at $60
Nov 4 sold: 10 units
Nov 10 Purchased: 30 units at $63
Nov 17 sold: 20 units
Nov 30 Purchased: 10 units at $66
A. Using the perpetual inventory system, costing by the LIFO method, what is the cost of the merchandise inventory of 30 units on November 30th?
B. Using the perpetual inventory system, costing by the FIFO method, what is the cost of the merchandise inventory of 30 units on November 30th?
C. Using the perpetual inventory system, costing by the average cost method, what is the cost of the merchandise inventory of 30 units on November 30th?
D. Using the periodic inventory system, costing by the LIFO method, what is the cost of the merchandise inventory of 30 units on November 30th?
E. Using the periodic inventory system, costing by the FIFO method, what is the cost of the merchandise inventory of 30 units on November 30th?
F. Using the periodic inventory system, costing by the average cost method, what is the cost of the merchandise inventory of 30 units on November 30th?
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Effective Auditing The Simple Systems Series Book 5
Authors: Jennie Clark CQP
1st Edition
B09YHJR18Y, 979-8802614082
