Question
Using the periodic inventory system, determine the inventory cost using LIFO, FIFO, Average cost given there are only 23 units left in the physical inventory:
Using the periodic inventory system, determine the inventory cost using LIFO, FIFO, Average cost given there are only 23 units left in the physical inventory:
Jan 1 Inventory 24 units at $135 $ 3,240
May 7 Purchase 36 units at $150 $ 5,400
Nov. 23 Purchase 30 units at $162 $ 4,860
Available for Sale 90 units $13,500
The inventory cost using LIFO would be:
The inventory cost using FIFO would be:
The inventory cost using weighted average would be:
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Principles of Auditing An Introduction to International Standards on Auditing
Authors: Rick Hayes, Philip Wallage, Hans Gortemaker
3rd edition
273768174, 978-0273768173
