Emily Corporation reports the following beginning inventory and purchases for 2019 Beginning inventory 400 @ $12 each $4,800 Inventory purchased 600 @ $14 each 8,400 Cost of goods available 1,000 units $13,200 inventory reported on its 2019 balance sheet under each of the following inventory costing methods: Sells 600 of these units in 2019. Compute its cost of goods sold for 2019 and the ending as per FIFO & LIFO
Emily Corporation reports the following beginning inventory and purchases for 2019 Beginning inventory 400 @ $12 each $4,800 Inventory purchased 600 @ $14 each 8,400 Cost of goods available 1,000 units $13,200 inventory reported on its 2019 balance sheet under each of the following inventory costing methods: Sells 600 of these units in 2019. Compute its cost of goods sold for 2019 and the ending as per FIFO & LIFO
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 7MCQ
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Question
Emily Corporation reports the following beginning inventory and purchases for 2019
Beginning inventory |
400 |
@ |
$12 |
each |
$4,800 |
Inventory purchased |
600 |
@ |
$14 |
each |
8,400 |
Cost of goods available |
1,000 |
units |
$13,200 |
inventory reported on its 2019
Sells 600 of these units in 2019. Compute its cost of goods sold for 2019 and the ending as per FIFO & LIFO
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