The following transactions took place with respect to Model M computers in Alpha's Computer Store during April
Question:
The following transactions took place with respect to Model M computers in Alpha's Computer Store during April 2000:
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April 1 Beginning inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . }40\mathrm{ computers at $1,200 5}\mathrm{ Purchase of Model M computers . . . . . . . . . . . . . . . . 15 computers at $1,300 11 Purchase of Model M computers . . . . . . . . . . . . . . . . . 16 computers at $1,350 24 Purchase of Model M computers . . . . . . . . . . . . . . . . 10 computers at $1,400 30 Sale of Model M computers . . . . . . . . . . . . . . . . . . . . . 32 computers at $3,000
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Assuming the periodic inventory method, compute the cost of goods sold and ending inventory balances using the following inventory costing alternatives:
(a) FIFO,
(b) LIFO, and
(c) average cost.
Step by Step Answer:
Survey Of Accounting
ISBN: 9780538846172
1st Edition
Authors: James D. Stice, W. Steve Albrecht, Earl Kay Stice, K. Fred Skousen