M&M InventoryCostTotalDATEColorofUnitsCostUnit1stRed2$10203rdOrange$12245thYellow4$1456SoldSALE6th3#1Units8thGreen$163210thBlue3$1854SoldSALE11th4#2Units12thBrown3$2060SoldSALE15th# 3UnitsCalculate COGS for each sale and Ending Inventoryunder FIFO, LIFO, and Wtd. Avg. Methods%232.

FIFO Method- Date Receipt Issue Balance Quantity Rate Amount Quantity Rate…

Answered: Cost Total DATE Color of Units Cost…

Business

Accounting

Cost Total DATE Color of Units Cost Unit 1st Red 2 $10 20 3rd Orange 2 $12 24 5th Yellow 4 $14 56 23

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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Question

M&M Inventory
Cost
Total
DATE
Color
of
Units
Cost
Unit
1st
Red
2
$10
20
3rd
Orange
$12
24
5th
Yellow
4
$14
56
Sold
SALE
6th
3
#1
Units
8th
Green
$16
32
10th
Blue
3
$18
54
Sold
SALE
11th
4
#2
Units
12th
Brown
3
$20
60
Sold
SALE
15th
# 3
Units
Calculate COGS for each sale and Ending Inventory
under FIFO, LIFO, and Wtd. Avg. Methods
%23
2.

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