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Find the closing stock using the stock valuation methods of FIFO and LIFO  Data as follows: Jan.2     bought 400 units for $40 per unit. Feb.12  bought 500 units per $60 per unit April 18 sold 600 units for $70 per unit. June 20 bought 450 units for $90 per unit Sept.23 sold 250 units for $110 per unit

Find the closing stock using the stock valuation methods of FIFO and LIFO  Data as follows: Jan.2     bought 400 units for $40 per unit. Feb.12  bought 500 units per $60 per unit April 18 sold 600 units for $70 per unit. June 20 bought 450 units for $90 per unit Sept.23 sold 250 units for $110 per unit

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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Find the closing stock using the stock valuation methods of FIFO and LIFO 

Data as follows:

Jan.2     bought 400 units for $40 per unit.

Feb.12  bought 500 units per $60 per unit

April 18 sold 600 units for $70 per unit.

June 20 bought 450 units for $90 per unit

Sept.23 sold 250 units for $110 per unit

 

 

 

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