ABC, Inc. uses the periodic inventory system, and had the following purchases and sales of inventory for the month of March: Mar. 1 Beginning Inventory 100 units @ $50 Mar. 5 Purchased 400 units @ $55 Mar. 9 Sales 420 units @ $85 Mar. 18 Purchased 120 units @ $60 Mar. 25 Mar. 29 Purchased Sales Calculate the cost of ending inventory using (a) FIFO; (b) LIFO; (c) Weighted Average 200 units @ $62 160 units @ $95
ABC, Inc. uses the periodic inventory system, and had the following purchases and sales of inventory for the month of March: Mar. 1 Beginning Inventory 100 units @ $50 Mar. 5 Purchased 400 units @ $55 Mar. 9 Sales 420 units @ $85 Mar. 18 Purchased 120 units @ $60 Mar. 25 Mar. 29 Purchased Sales Calculate the cost of ending inventory using (a) FIFO; (b) LIFO; (c) Weighted Average 200 units @ $62 160 units @ $95
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 12RE: Carla Company uses the perpetual inventory system. The following information is available for...
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