11. A company sells one product. At the beginning of the year the company had 10,000 finished products in inventory at a cost to manufacture of $11 each. During the year the company manufactured 3 different batches of product consisting of 12,000, 14,000 and 8,000 units at a total cost of $135,000, $161,000 and $96,000 respectively in this order. During the year the company sold 41,000 units for $800,000 in sales dollars. Shipping costs are $0.30 for each product shipped. Compute the value of ending inventory and cost of goods sold for the period using the periodic method and A. FIFO B. LIFO

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Inventory Hard A&B

 

11. A company sells one product. At the
beginning of the year the company had 10,000
finished products in inventory at a cost to
manufacture of $11 each. During the year the
company manufactured 3 different batches of
product consisting of 12,000, 14,000 and
8,000 units at a total cost of $135,000,
$161,000 and $96,000 respectively in this
order. During the year the company sold
41,000 units for $800,000 in sales dollars.
Shipping costs are $0.30 for each product
shipped.
Compute the value of ending inventory and
ost of goods sold for the period using
the periodic method and
A. FIFO
B. LIFO
Transcribed Image Text:11. A company sells one product. At the beginning of the year the company had 10,000 finished products in inventory at a cost to manufacture of $11 each. During the year the company manufactured 3 different batches of product consisting of 12,000, 14,000 and 8,000 units at a total cost of $135,000, $161,000 and $96,000 respectively in this order. During the year the company sold 41,000 units for $800,000 in sales dollars. Shipping costs are $0.30 for each product shipped. Compute the value of ending inventory and ost of goods sold for the period using the periodic method and A. FIFO B. LIFO
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