Assume the following data with regard to inventory for Caciato Company: Aug. 1 Inventory 40 units @ $10 per unit $ 400 8 Purchase 50 units @ $11 per unit 550 22 Purchase 35 units @ $12 per unit 420 Goods available for sale 125 units $1,370 Aug. 15 Sale 45 units 28 Sale 25 units Inventory, Aug. 31 55 units Calculate the cost of ending inventory and cost of goods sold according to the: a) Specific Identification Method (Assuming that the inventory consists of 30 units from the August 8 purchase and 25 units from the purchase of August 22) b) Average-Cost Method c) FIFO Method d) LIFO Method

Assume the following data with regard to inventory for Caciato Company: Aug. 1 Inventory 40 units @ $10 per unit $ 400 8 Purchase 50 units @ $11 per unit 550 22 Purchase 35 units @ $12 per unit 420 Goods available for sale 125 units $1,370 Aug. 15 Sale 45 units 28 Sale 25 units Inventory, Aug. 31 55 units Calculate the cost of ending inventory and cost of goods sold according to the: a) Specific Identification Method (Assuming that the inventory consists of 30 units from the August 8 purchase and 25 units from the purchase of August 22) b) Average-Cost Method c) FIFO Method d) LIFO Method

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 67APSA: Inventory Costing Methods Andersons Department Store has the following data for inventory,...

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