Question
Using the following information calculate the ending inventory balance and the cost of goods sold expense that would be reported at the end of the
Using the following information calculate the ending inventory balance and the cost of goods sold expense that would be reported at the end of the year if the following inventory valuation methods are used:
a. FIFO
b. LIFO
c. Average cost
Beginning inventory - 20 Units - $12 Purchase Price
Purchase #1 - 100 Units - $11 Purchase Price
Purchase #2 - 85 Units - $10 Purchase Price
Purchase #3 - 90 Units - $ 9 Purchase Price
Sales 235
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SOLUTION To calculate the ending inventory balance and the cost of goods sold expense using the FIFO LIFO and average cost methods we need to determin...
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Introductory Financial Accounting for Business
Authors: Thomas Edmonds, Christopher Edmonds
1st edition
1260299449, 978-1260299441
