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Worf, Inc. manufactures and sells phasers to security firms. The company uses a PERIODIC Weighted Average Cost: inventory system and has the following inventory transactions
Worf, Inc. manufactures and sells phasers to security firms. The company uses a PERIODIC Weighted Average Cost: inventory system and has the following inventory transactions for its Deluxe phaser during 2018 : All units sold on 4/14/18 were from beginning inventory. The 11/15/18 sale included 5 units from the beginning inventory and 15 units from the 4/15/18 purchase. FIFO: Show how Worf's Balance Sheet and Income Statement would differ under each of the inventory cost flow assumptions. Specifically, compute Ending Inventory, COGS and Gross Margin under Specific Identification, Weighted Average Cost, FIFO and LIFO. Show how you came up with the answers in the space below. LIFO: Specific Identification
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