Question
The units of Product C available for sale during the year were as follows: April 1 Inventory 30 units @ $36 June 30 Purchase 42
- The units of Product C available for sale during the year were as follows:
| April 1 | Inventory | 30 units |
| @ | $36 |
| June 30 | Purchase | 42 units |
| @ | $38 |
| October 28 | Purchase | 48 units |
| @ | $40 |
There are 50 units of the product in the physical inventory on October 31. The periodic inventory system is used. Determine the cost of goods sold by (a) FIFO, (b) LIFO, and (c) average cost methods.
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Horngrens Cost Accounting A Managerial Emphasis
Authors: Rajan Datar, Srikant M. Datar
16th Edition
9352860195, 978-9352860197
