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Date Jan 1 Beginning Jan 8 Purchase Jan 15 Purchase Jan 26 Purchase Available Units 6 5 10 5 26 units Cost Per Unit $60 each $67 each $70 each $85 each Total Cost At January 31, there are 4 units of inventory on hand. $360 $335 $700 $425 $1,820

Date Jan 1 Beginning Jan 8 Purchase Jan 15 Purchase Jan 26 Purchase Available Units 6 5 10 5 26 units Cost Per Unit $60 each $67 each $70 each $85 each Total Cost At January 31, there are 4 units of inventory on hand. $360 $335 $700 $425 $1,820

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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Date Jan 1 Beginning Jan 8 Purchase Jan 15 Purchase Jan 26 Purchase Units 6 Available 5 10 Cost Per Unit $60 each $67 each $70 each $85 each Total Cost 5 26 units At January 31, there are 4 units of inventory on hand. $360 $335 $700 $425 $1,820
Transcribed Image Text:Date Jan 1 Beginning Jan 8 Purchase Jan 15 Purchase Jan 26 Purchase Units 6 Available 5 10 Cost Per Unit $60 each $67 each $70 each $85 each Total Cost 5 26 units At January 31, there are 4 units of inventory on hand. $360 $335 $700 $425 $1,820
a) First in, first out (FIFO) Cost of goods sold b) Last in, first out (LIFO) Cost of good sold c) Average cost Cost of goods sold Cost of ending inventory Cost of ending inventory Cost of ending inventory
Transcribed Image Text:a) First in, first out (FIFO) Cost of goods sold b) Last in, first out (LIFO) Cost of good sold c) Average cost Cost of goods sold Cost of ending inventory Cost of ending inventory Cost of ending inventory
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