Question
URGENT!!!!! Really need your help. PLAESEEEEEE!!!!! The company its mechanical pencil inventory using the perpetual inventory method. The inventory records for November follow (For Parts
URGENT!!!!! Really need your help. PLAESEEEEEE!!!!!
The company its mechanical pencil inventory using the perpetual inventory method. The inventory records for November follow (For Parts A and B):
Beginning inventory | 40 units @ $5.10 each |
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November 13 purchase | 60 units @ $5.60 each |
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November 26 sale | 75 units @ $9 each |
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Required:
- Using the FIFO inventory costing method, how much will the company have the cost of goods sold and ending inventory for the month of November?
- Using the LIFO inventory costing method, how much will the company report as cost of goods sold and ending inventory on November 30?
- Assume that the following information is available for January of the following year for the company (For Part C).
Beginning inventory | 10 units @ $6.70 each |
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January 12 purchase | 30 units @ $7.10 each |
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January 20 sale | 33 units @ $12 each |
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January 25 purchase | 12 units @ $ 7.60 each |
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Using the moving weighted-average perpetual method, determine the January 31 inventory and cost of goods sold.
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