(a) Determine the cost assigned to ending inventory and to the cost of goods sold using: (i) (ii) (iii) FIFO. Weighted average cost. Specific identification if the ending inventory consists of 90 units from March 30 purchase, 100 units from March 20 purchase and the balance from beginning inventory.

(a) Determine the cost assigned to ending inventory and to the cost of goods sold using: (i) (ii) (iii) FIFO. Weighted average cost. Specific identification if the ending inventory consists of 90 units from March 30 purchase, 100 units from March 20 purchase and the balance from beginning inventory.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The maintains a perpetual inventory systemDetermine the cost of goods sold for each sale and the inventory balance after each sale, assuming the lastin, firstout methodPresent the data in the form illustrated in Exhibit Under LIFOif units are in inventory at two or more different costsenter the units with the LOWER unit cost the Inventory Cost
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