Computing Cost of Sales and Ending Inventory Stocken Company has the following financial records for the current period: Beginning inventory 100 Purchases #2 #3 Units Unit cost Cost of goods sold $ Ending inventory Check $44 650 40 550 36 200 34 Ending inventory at the end of this period is 350 units. Compute the ending inventory and the cost of goods sold for the current period using (a) first-in, first-out, (b) average cost, and (c) last-in, first-out. FIFO 4,400 x $ 11,900 x Average cost 36,100 x $ 13,300 ✓ LIFO 4,400 x 11,900 x

Computing Cost of Sales and Ending Inventory Stocken Company has the following financial records for the current period: Beginning inventory 100 Purchases #2 #3 Units Unit cost Cost of goods sold $ Ending inventory Check $44 650 40 550 36 200 34 Ending inventory at the end of this period is 350 units. Compute the ending inventory and the cost of goods sold for the current period using (a) first-in, first-out, (b) average cost, and (c) last-in, first-out. FIFO 4,400 x $ 11,900 x Average cost 36,100 x $ 13,300 ✓ LIFO 4,400 x 11,900 x

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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