(613 Computing Cost of Goods Sold and Ending Inventory Uinder FIFo, LIFO, and Average Cost Computing Cost of Goods Sold and Ending Inventory Under 16- Assume that Madden Company reports the following initial balance and subsequent purcha inventorv. Inventory balance at beginning of year ......1,300 units$150 each $195,000 Inventory purchased during the year 1,700 units $180 each 306,000 Cost of goods available for sale during the year..... 3,000 units $501,000 Assume that 2,000 units are sold during the year. Compute the cost of goods sold for the year and th inventory on the year-end balance sheet under the following inventory costing methods: a. FIFO b. LIFO c. Average Cost M6-14. Computing Cost of Goods Sold and Ending Inventory Under FIFO, LIFO, and Average Cos Wong Corporation reports the following beginning inventory and inventory purchases. 400 units $12 each 4,800 Inventory balance at beginning of year . Inventory purchased during the year 700 units@$14 each Cost of goods available for sale during the year .....1,100 units 9,800 $14,600 Wong sells 600 of its inventory units during the year. Compute the cost of goods sold for the year the inventory on the year-end balance sheet under the following inventory costing methods: and
(613 Computing Cost of Goods Sold and Ending Inventory Uinder FIFo, LIFO, and Average Cost Computing Cost of Goods Sold and Ending Inventory Under 16- Assume that Madden Company reports the following initial balance and subsequent purcha inventorv. Inventory balance at beginning of year ......1,300 units$150 each $195,000 Inventory purchased during the year 1,700 units $180 each 306,000 Cost of goods available for sale during the year..... 3,000 units $501,000 Assume that 2,000 units are sold during the year. Compute the cost of goods sold for the year and th inventory on the year-end balance sheet under the following inventory costing methods: a. FIFO b. LIFO c. Average Cost M6-14. Computing Cost of Goods Sold and Ending Inventory Under FIFO, LIFO, and Average Cos Wong Corporation reports the following beginning inventory and inventory purchases. 400 units $12 each 4,800 Inventory balance at beginning of year . Inventory purchased during the year 700 units@$14 each Cost of goods available for sale during the year .....1,100 units 9,800 $14,600 Wong sells 600 of its inventory units during the year. Compute the cost of goods sold for the year the inventory on the year-end balance sheet under the following inventory costing methods: and
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:(613 Computing Cost of Goods Sold and Ending Inventory Uinder FIFo, LIFO, and Average Cost
Computing Cost of Goods Sold and Ending Inventory Under
16-
Assume that Madden Company reports the following initial balance and subsequent purcha
inventorv.
Inventory balance at beginning of year ......1,300 units$150 each $195,000
Inventory purchased during the year 1,700 units $180 each 306,000
Cost of goods available for sale during the year..... 3,000 units
$501,000
Assume that 2,000 units are sold during the year. Compute the cost of goods sold for the year and th
inventory on the year-end balance sheet under the following inventory costing methods:
a. FIFO
b. LIFO
c. Average Cost
M6-14. Computing Cost of Goods Sold and Ending Inventory Under FIFO, LIFO, and Average Cos
Wong Corporation reports the following beginning inventory and inventory purchases.
400 units $12 each 4,800
Inventory balance at beginning of year .
Inventory purchased during the year 700 units@$14 each
Cost of goods available for sale during the year .....1,100 units
9,800
$14,600
Wong sells 600 of its inventory units during the year. Compute the cost of goods sold for the year
the inventory on the year-end balance sheet under the following inventory costing methods:
and
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