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Data for Q 3-4: Jergens had 500 units on hand at January 1, costing $18 each. Purchases and sales during the month of January were as follow Date Purchases Sales Jan. 14 17 25 29 250 @ $20 250 @ $22 375 @ $28 250 @ $32 Jergens does not maintain perpetual inventory records. According to a physical count, 375 units were on hand at January 31. 1. Compute the cost of the inventory at January 31, using the FIFO method Compute The cost of the inventory at January 31, under the LIFO method is:

Data for Q 3-4: Jergens had 500 units on hand at January 1, costing $18 each. Purchases and sales during the month of January were as follow Date Purchases Sales Jan. 14 17 25 29 250 @ $20 250 @ $22 375 @ $28 250 @ $32 Jergens does not maintain perpetual inventory records. According to a physical count, 375 units were on hand at January 31. 1. Compute the cost of the inventory at January 31, using the FIFO method Compute The cost of the inventory at January 31, under the LIFO method is:

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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Data for Q 3-4: Jergens had 500 units on hand at January 1, costing $18 each. Purchases and sales during the month of January were as follow Date Purchases Sales Jan. 14 17 25 29 250 @ $20 250 @ $22 375 @ $28 250 @ $32 Jergens does not maintain perpetual inventory records. According to a physical count, 375 units were on hand at January 31. 1. Compute the cost of the inventory at January 31, using the FIFO method Compute The cost of the inventory at January 31, under the LIFO method is:
Transcribed Image Text:Data for Q 3-4: Jergens had 500 units on hand at January 1, costing $18 each. Purchases and sales during the month of January were as follow Date Purchases Sales Jan. 14 17 25 29 250 @ $20 250 @ $22 375 @ $28 250 @ $32 Jergens does not maintain perpetual inventory records. According to a physical count, 375 units were on hand at January 31. 1. Compute the cost of the inventory at January 31, using the FIFO method Compute The cost of the inventory at January 31, under the LIFO method is:
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