Problem 11-6 (IAA)Total costUnit costUnits40.400,0001 Beginning31 Sale1 Purchase31 Sale1 PurchaseDecember 31 Sale10,0005,00015,00018,00025,00012,000January50750,000AprilJulyOctober601,500,00Required:Compute the cost of the ending inventory and cost of goodssold using:a. FIFO periodicb. Weighted averagec. Moving average

Name: Problem 11-6 (IAA)Total costUnit costUnits40.400,0001 Beginning31 Sal
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Description: Problem 11-6 (IAA)Total costUnit costUnits40.400,0001 Beginning31 Sale1 Purchase31 Sale1 PurchaseDecember 31 Sale10,0005,00015,00018,00025,00012,000January50750,000AprilJulyOctober601,500,00Required:Compute the cost of the ending inventory and cost

FIFO is a method of valuing inventories in which the goods purchased first are sold on a priority…

Business

Accounting

Extreme Company showed the following information: Total cost Unit cost Units 40. 400,000 10,000 5,000 15,000 18,000 25,000 12,000 January 1 Beginning 31 Sale 1 Purchase 31 Sale 1 Purchase December 31 Sale 50 750,000 April July October 60 1,500,00 Required: Compute the cost of the ending inventory and cost of goods sold using: a. FIFO periodic b. Weighted average c. Moving average

Extreme Company showed the following information: Total cost Unit cost Units 40. 400,000 10,000 5,000 15,000 18,000 25,000 12,000 January 1 Beginning 31 Sale 1 Purchase 31 Sale 1 Purchase December 31 Sale 50 750,000 April July October 60 1,500,00 Required: Compute the cost of the ending inventory and cost of goods sold using: a. FIFO periodic b. Weighted average c. Moving average

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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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Problem 11-6 (IAA)
Total cost
Unit cost
Units
40.
400,000
1 Beginning
31 Sale
1 Purchase
31 Sale
1 Purchase
December 31 Sale
10,000
5,000
15,000
18,000
25,000
12,000
January
50
750,000
April
July
October
60
1,500,00
Required:
Compute the cost of the ending inventory and cost of goods
sold using:
a. FIFO periodic
b. Weighted average
c. Moving average

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