Assume the perpetual inventory system is used. Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.
Assume the perpetual inventory system is used. Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Step 1: Introduce inventory valuation
VIEWStep 2: Determine COGS and ending inventory under specific identification
VIEWStep 3: Determine COGS and ending inventory under weighted average
VIEWStep 4: Determine COGS and ending inventory under FIFO
VIEWStep 5: Determine COGS and ending inventory under LIFO
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