The following transactions took place with respect to Model M computers in Alphas Computer Store during April
Question:
The following transactions took place with respect to Model M computers in Alpha’s Computer Store during April 2003: April 1. Beginning inventory .... 2-2-5. . eee eee tee ee eee ee 40 computers at $1,200 5 Purchase of Model M computers...........-.-.-+-+++--- 15 computers at $1,300 Ji) Purchase of Models Micompute nS. cin crsy 20) te dene ie atst tse 16 computers at $1,350 24° Purchase of Model Micomputers.........-0.5..5........ 10 computers at $1,400 BN Salevon Models MAcOmpUte tStaets
c- cter ere ree enateter ene -listt-n Seton 32 computers at $3,000 Assuming the periodic inventory method, compute cost of goods sold and ending inventory using the following inventory costing alternatives:
(a) FIFO,
(b) LIFO, and
(c) average cost.
Step by Step Answer:
Financial Accounting
ISBN: 9780324066708
8th Edition
Authors: W. Steven Albrecht, James D. Stice, Earl Kay Stice, K. Fred Skousen, Albrecht S.E.