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Given the following: Number Cost purchased Total per unit $ 3 $ 105 January 1 inventory April 1 June 1 35 55 330 45 7 315 November 1 50 8 400 185 $1,150 a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 56 units). Cost of ending inventory b. Calculate the cost of goods sold using the FIIFO (ending inventory shows 56 units). Cost of goods sold

Given the following: Number Cost purchased Total per unit $ 3 $ 105 January 1 inventory April 1 June 1 35 55 330 45 7 315 November 1 50 8 400 185 $1,150 a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 56 units). Cost of ending inventory b. Calculate the cost of goods sold using the FIIFO (ending inventory shows 56 units). Cost of goods sold

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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Given the following: Number Cost per unit $ 3 Total $ 105 purchased January 1 inventory April 1 35 55 6. 330 June 1 45 315 November 1 50 400 185 $1,150 a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 56 units). Cost of ending inventory b. Calculate the cost of goods sold using the FIFO (ending inventory shows 56 units). Cost of goods sold
Transcribed Image Text:Given the following: Number Cost per unit $ 3 Total $ 105 purchased January 1 inventory April 1 35 55 6. 330 June 1 45 315 November 1 50 400 185 $1,150 a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 56 units). Cost of ending inventory b. Calculate the cost of goods sold using the FIFO (ending inventory shows 56 units). Cost of goods sold
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