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Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (For calculation purposes, round average cost to 2 decimal places, e.g. 5.25. Round answers to 0 decimal places, eg. 125.) The ending inventory $ The cost of goods sold $ FIFO LIFO $ AVERAGE-COST

Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (For calculation purposes, round average cost to 2 decimal places, e.g. 5.25. Round answers to 0 decimal places, eg. 125.) The ending inventory $ The cost of goods sold $ FIFO LIFO $ AVERAGE-COST

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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Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (For calculation purposes, round average cost to 2 decimal places, e.g. 5.25. Round answers to O decimal places, e.g. 125.) AVERAGE-COST The ending inventory $ The cost of goods sold $ FIFO LIFO $ $
Transcribed Image Text:Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (For calculation purposes, round average cost to 2 decimal places, e.g. 5.25. Round answers to O decimal places, e.g. 125.) AVERAGE-COST The ending inventory $ The cost of goods sold $ FIFO LIFO $ $
Bramble Company Inc. had a beginning inventory of 84 units of Product RST at a cost of $5 per unit. During the year, purchases were: 336 units at $8 168 units at $9 Feb. 20 May 51 504 units at $6 420 units at $7 (a) Bramble Company uses a periodic inventory system. Sales totaled 1,260 units. Aug. 12 Dec. 8 Determine the cost of goods available for sale. The cost of goods available for sale $
Transcribed Image Text:Bramble Company Inc. had a beginning inventory of 84 units of Product RST at a cost of $5 per unit. During the year, purchases were: 336 units at $8 168 units at $9 Feb. 20 May 51 504 units at $6 420 units at $7 (a) Bramble Company uses a periodic inventory system. Sales totaled 1,260 units. Aug. 12 Dec. 8 Determine the cost of goods available for sale. The cost of goods available for sale $
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