Accounting 2. James corporation started his business as a sole trader January 1 2015. From the following figures calculate the closing inventory in trade that would be shown using a. FIFO, (b) LIFO, (c) AVCO methods on a perpetual inventory basis. Bought Sold January 120 @ $20 February 125 $25 March 180 @ $20 February 200 @ $18 March 300 @ $25 April 200 $30 April 100 @ $25 May 400 @ $30 June 150 @ $35 September October 150@ $35 October November 200 @ $40 December 300 @ $40 300 @ $35 150@ $35
Accounting 2. James corporation started his business as a sole trader January 1 2015. From the following figures calculate the closing inventory in trade that would be shown using a. FIFO, (b) LIFO, (c) AVCO methods on a perpetual inventory basis. Bought Sold January 120 @ $20 February 125 $25 March 180 @ $20 February 200 @ $18 March 300 @ $25 April 200 $30 April 100 @ $25 May 400 @ $30 June 150 @ $35 September October 150@ $35 October November 200 @ $40 December 300 @ $40 300 @ $35 150@ $35
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Accounting
2. James corporation started his business as a sole trader January 1 2015.
From the following figures calculate the closing inventory in trade that would
be shown using
a. FIFO, (b) LIFO, (c) AVCO methods on a perpetual inventory basis.
Bought
Sold
January
120 @ $20
February 125 @ $25
March 180 @ $20
February
200 @ $18
March
300 @ $25
April 200
$30
April
100 @ $25
May
400 @ $30
June 150 @ $35
September
October 150@ $35
October
November 200 @
$40
December 300 @
$40
300 @ $35
150@ $35](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9e346ca4-e653-4166-bfbc-eabef28d597f%2F9abdd2b5-b825-4222-9066-029b48b57c40%2F4mfpqjj_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Accounting
2. James corporation started his business as a sole trader January 1 2015.
From the following figures calculate the closing inventory in trade that would
be shown using
a. FIFO, (b) LIFO, (c) AVCO methods on a perpetual inventory basis.
Bought
Sold
January
120 @ $20
February 125 @ $25
March 180 @ $20
February
200 @ $18
March
300 @ $25
April 200
$30
April
100 @ $25
May
400 @ $30
June 150 @ $35
September
October 150@ $35
October
November 200 @
$40
December 300 @
$40
300 @ $35
150@ $35
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