Question
Using the FIFO method, calculate the COGS given the following data: Beginning Inventory: 100 units @ $10 each Purchase 1: 200 units @ $12 each
Using the FIFO method, calculate the COGS given the following data:
Beginning Inventory: 100 units @ $10 each
Purchase 1: 200 units @ $12 each
Purchase 2: 150 units @ $15 each
Sales: 300 units
Requirements: Apply the FIFO method to determine the Cost of Goods Sold.
Using the LIFO method, calculate the COGS given the same data as above.
Requirements: Apply the LIFO method to determine the Cost of Goods Sold.
Calculate the COGS using the weighted average cost method given the same data.
Requirements: Use the weighted average cost method to calculate the Cost of Goods Sold.
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