Your Company reported the following January purchases and sales data for its only product. The Company...
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Your Company reported the following January purchases and sales data for its only product. The Company uses a perpetual Inventory system. Date January 1 January 9 January 19 January 25 January 30 Sales Purchase Sales Purchase Totals Activities Beginning inventory 160 units @ Units Acquired at Cost $ 8.50 = Units sold at Retail $ 1,360 120 units @ $ 17.50 100 units @ $ 7.50 = 750 120 units $ 17.50 240 units @ 500 units $ 7.00 = 1,680 $ 3,790 240 units Required: 1. Determine the cost assigned to ending Inventory and to cost of goods sold using FIFO. 2. Determine the cost assigned to ending Inventory and to cost of goods sold using LIFO. Your Company reported the following January purchases and sales data for its only product. The Company uses a perpetual Inventory system. Date January 1 January 9 January 19 January 25 January 30 Sales Purchase Sales Purchase Totals Activities Beginning inventory 160 units @ Units Acquired at Cost $ 8.50 = Units sold at Retail $ 1,360 120 units @ $ 17.50 100 units @ $ 7.50 = 750 120 units $ 17.50 240 units @ 500 units $ 7.00 = 1,680 $ 3,790 240 units Required: 1. Determine the cost assigned to ending Inventory and to cost of goods sold using FIFO. 2. Determine the cost assigned to ending Inventory and to cost of goods sold using LIFO.
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1 Determine the cost of goods sold COGS for January To calculate the cost of goods sold we need to f... View the full answer
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