Question
Zippy Shoe Company uses a periodic inventory system. Zippy purchased 435 pairs of shoes at $68 each in June, 990 pairs in August at $70
Zippy Shoe Company uses a periodic inventory system. Zippy purchased 435 pairs of shoes at $68 each in June, 990 pairs in August at $70 each, and 650 pairs in December at $73 each. Zippy sold 1,885 pairs of shoes during the year.
Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods.
FIFO
LIFO
Weighted Average
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AML Auditing Understanding Transaction Monitoring
Authors: Bob Walsh
1st Edition
1539519740, 978-1539519744
