Inventory Costing Methods Tyler Company has the following information related to purchases and sales of one of its inventory items. Date Description Units Purchased at Cost Units Sold at Retail Sept. 1 Sept. 10 Beginning inventory 400 units @ $19 Purchase 600 units @ $20 Sept. 20 Sales 640 units @ $34 Sept. 25 Purchase 900 units at $22 Assume the company uses a perpetual inventory system. Required: Calculate ending inventory and cost of goods sold using the FIFO, LIFO, and average cost methods. Cost of goods sold $ Ending inventory FIFO LIFO Avg Cost $ $
Inventory Costing Methods Tyler Company has the following information related to purchases and sales of one of its inventory items. Date Description Units Purchased at Cost Units Sold at Retail Sept. 1 Sept. 10 Beginning inventory 400 units @ $19 Purchase 600 units @ $20 Sept. 20 Sales 640 units @ $34 Sept. 25 Purchase 900 units at $22 Assume the company uses a perpetual inventory system. Required: Calculate ending inventory and cost of goods sold using the FIFO, LIFO, and average cost methods. Cost of goods sold $ Ending inventory FIFO LIFO Avg Cost $ $
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 23CE: Inventory Costing: LIFO Refer to the information for Filimonov Inc. and assume that the company uses...
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Step 1: Introduce to FIFO, LIFO and Weighted Average Method
VIEWStep 2: Working for cost of goods sold and ending inventory using FIFO
VIEWStep 3: Working for cost of goods sold and ending inventory using LIFO
VIEWStep 4: Working for cost of goods sold and ending inventory using average cost
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