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Chipte ne June 5 June 10 June 15 June 20 Purchased 1 unit for $70 Purchased 1 more unit for $80 Purchased 1 more unit for $85 Purchased 1 more unit for $90 Sold 3 units for $90 per unit for total sales of $270 What is the ending inventory under FIFO? What is the ending inventory under LIFO? 175 150 What is the ending inventory under average cost? 108.3 90 +85 175 70 +80 130 90 85 80 +70 325 3 (108.3 Assume that using specific identification, you can identify that the units sold were the one purchased on June 1, June 5 and June 15. What is the ending inventory under specific identification?

Chipte ne June 5 June 10 June 15 June 20 Purchased 1 unit for $70 Purchased 1 more unit for $80 Purchased 1 more unit for $85 Purchased 1 more unit for $90 Sold 3 units for $90 per unit for total sales of $270 What is the ending inventory under FIFO? What is the ending inventory under LIFO? 175 150 What is the ending inventory under average cost? 108.3 90 +85 175 70 +80 130 90 85 80 +70 325 3 (108.3 Assume that using specific identification, you can identify that the units sold were the one purchased on June 1, June 5 and June 15. What is the ending inventory under specific identification?

FINANCIAL ACCOUNTING
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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Chapter 7 June 1 June 5 June 10 June 15 June 20 -5 till Problem Purchased 1 unit for $70 Purchased 1 more unit for $80 Purchased 1 more unit for $85 Purchased 1 more unit for $90 Sold 3 units for $90 per unit for total sales of $270 What is the ending inventory under FIFO? 175 What is the ending inventory under LIFO? 150 What is the ending inventory under average cost? 108.3 90 +85 175 70 +80 150 90 85 80 +70 325 (108.3) Assume that using specific identification, you can identify that the units sold were the one purchased on June 1, June 5 and June 15. What is the ending inventory under specific identification?
Transcribed Image Text:Chapter 7 June 1 June 5 June 10 June 15 June 20 -5 till Problem Purchased 1 unit for $70 Purchased 1 more unit for $80 Purchased 1 more unit for $85 Purchased 1 more unit for $90 Sold 3 units for $90 per unit for total sales of $270 What is the ending inventory under FIFO? 175 What is the ending inventory under LIFO? 150 What is the ending inventory under average cost? 108.3 90 +85 175 70 +80 150 90 85 80 +70 325 (108.3) Assume that using specific identification, you can identify that the units sold were the one purchased on June 1, June 5 and June 15. What is the ending inventory under specific identification?
1 June 5 June 10 June 15 June 20 Purchased 1 unit for $70 Purchased 1 more unit for $80 Purchased 1 more unit for $85 Purchased 1 more unit for $90 Sold 3 units for $90 per unit for total sales of $270 What is the Cost of Goods Sold under FIFO? What is the Cost of Goods Sold under LIFO? 130 135 What is the Cost of Goods Sold under average cost? 70 80 +90 76 +80 150 240 85 +50 135 до 85 80 +70 Assume that using specific identification, you can identify that the units sold were the ones purchased on June 1, June 5 and June 15. What is the Cost of Goods Sold under specific identification? 240 A 325 3 = 108.33
Transcribed Image Text:1 June 5 June 10 June 15 June 20 Purchased 1 unit for $70 Purchased 1 more unit for $80 Purchased 1 more unit for $85 Purchased 1 more unit for $90 Sold 3 units for $90 per unit for total sales of $270 What is the Cost of Goods Sold under FIFO? What is the Cost of Goods Sold under LIFO? 130 135 What is the Cost of Goods Sold under average cost? 70 80 +90 76 +80 150 240 85 +50 135 до 85 80 +70 Assume that using specific identification, you can identify that the units sold were the ones purchased on June 1, June 5 and June 15. What is the Cost of Goods Sold under specific identification? 240 A 325 3 = 108.33
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