1. Purchase Date Quantities Unit Price Total February 1 February 13 February 22 February 28 175 25 50 90 $2.25 $393.75 $3.25 $81.25 $3.50 $175.00 $4.00 $360.00 The company sold 220 coffee mugs by February 28. Calculate the COGS and the Ending Inventory using FIFO, LIFO and Weighted Average. Assume the inventory was 50 at the beginning of the month @ $2.25 each. Show all your Work.

1. Purchase Date Quantities Unit Price Total February 1 February 13 February 22 February 28 175 25 50 90 $2.25 $393.75 $3.25 $81.25 $3.50 $175.00 $4.00 $360.00 The company sold 220 coffee mugs by February 28. Calculate the COGS and the Ending Inventory using FIFO, LIFO and Weighted Average. Assume the inventory was 50 at the beginning of the month @ $2.25 each. Show all your Work.

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 4PEB: Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory...

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