Four Methods: 1. Specific Identification 2. FIFO 3. LIFO 4. Weighted Average Beginning Inventory 1st Purchase 2nd Purchase Cost of Goods Available Sales 200 300 250 Units 750 (Total Units) 625 1.50 1.30 1.10 Price @ 2.50/unit Total (Units x Price) $ 300 $ 390 $275 $ 965 $1,562.50 (FIFO) 19. Assuming a FIFO cost flow, the amount of ending inventory reported on the balance sheet would be? GOGS? (LIFO) 20. Assuming a LIFO cost flow, the amount of ending inventory reported on the balance sheet would be? GOGS? (Weighted Average) 21. Assuming a weighted average cost flow, the amount of ending inventory reported on the balance sheet would be? GOGS?

Four Methods: 1. Specific Identification 2. FIFO 3. LIFO 4. Weighted Average Beginning Inventory 1st Purchase 2nd Purchase Cost of Goods Available Sales 200 300 250 Units 750 (Total Units) 625 1.50 1.30 1.10 Price @ 2.50/unit Total (Units x Price) $ 300 $ 390 $275 $ 965 $1,562.50 (FIFO) 19. Assuming a FIFO cost flow, the amount of ending inventory reported on the balance sheet would be? GOGS? (LIFO) 20. Assuming a LIFO cost flow, the amount of ending inventory reported on the balance sheet would be? GOGS? (Weighted Average) 21. Assuming a weighted average cost flow, the amount of ending inventory reported on the balance sheet would be? GOGS?

Name: Four Methods:1. Specific Identification2. FIFO3. LIFO4. Weighted Aver
Uploaded: 2024-03-20T06:32:37.000Z
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Description: Four Methods:1. Specific Identification2. FIFO3. LIFO4. Weighted AverageBeginning Inventory1st Purchase2nd PurchaseCost of GoodsAvailableSales200300250Units750 (Total Units)6251.501.301.10Price@ 2.50/unitTotal (Units x Price)$300$ 390$ 275$ 965$1,56

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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A. First In, First Out Number of Units Dollar Per Unit Value Total Value Cost of Goods Sold .. ... B. Last In, First Out Number of Units Dollar Per Unit Value Total Value Cost of Goods Sold ... ... C. Weighted Average Number of Units Dollar Per Unit Value Total Value Cost of Goods Sold ... ...
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