Question
Tiger Company presents the following information concerning one of its products. Date Transaction Quantity Cost/Price 1/1 Beginning inventory 500 $ 5 Purchases: 3/1 Purchase 900
Tiger Company presents the following information concerning one of its products.
| Date | Transaction | Quantity | Cost/Price |
| 1/1 | Beginning inventory | 500 | $ 5 |
| Purchases: |
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| 3/1 | Purchase | 900 | $ 7 |
| 7/20 | Purchase | 1,000 | $ 9 |
| Sales: |
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| 5/2 | Sale | 1,200 | $15 |
| 12/1 | Sale | 800 | $16 |
Compute Ending Inventory and Cost of Goods Sold assuming Tiger Company uses:
(a) Periodic System, LIFO
| COGS | Ending Inventory | ||||||
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Auditing Today
Authors: Emile Woolf
3rd Edition
013052168X, 9780130521682
