ing ethods Tyler Company has the following information related to purchases and sales of one of its inventory item Date Description Units Purchased at Cost Units Sold at Retail Sept. 1 Beginning inventory 400 units @ $11 10 Purchase 600 units @ $12 680 units @ $20 800 units at $14 20 Sales 25 Purchase Assume Tyler uses a perpetual inventory system. Required: Calculate ending inventory and cost of goods sold using the FIFO, LIFO, and average cost methods.
ing ethods Tyler Company has the following information related to purchases and sales of one of its inventory item Date Description Units Purchased at Cost Units Sold at Retail Sept. 1 Beginning inventory 400 units @ $11 10 Purchase 600 units @ $12 680 units @ $20 800 units at $14 20 Sales 25 Purchase Assume Tyler uses a perpetual inventory system. Required: Calculate ending inventory and cost of goods sold using the FIFO, LIFO, and average cost methods.
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 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...
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Tyler Company has the following information related to purchases and sales of one of its inventory items.
Date
Description
Units Purchased at Cost
Units Sold at Retail
Sept. 1 Beginning inventory
400 units @ $11
10 Purchase
600 units @ $12
20 Sales
25 Purchase
Assume Tyler uses a perpetual inventory system.
680 units @ $20
800 units at $14
Required:
Calculate ending inventory and cost of goods sold using the FIFO, LIFO, and average cost methods.
FIFO
LIFO
Cost of
$
$
Avg Cost
$
goods sold
Ending
$
$
$
inventory"
Transcribed Image Text:Inventory Costing Methods
Tyler Company has the following information related to purchases and sales of one of its inventory items.
Date
Description
Units Purchased at Cost
Units Sold at Retail
Sept. 1 Beginning inventory
400 units @ $11
10 Purchase
600 units @ $12
20 Sales
25 Purchase
Assume Tyler uses a perpetual inventory system.
680 units @ $20
800 units at $14
Required:
Calculate ending inventory and cost of goods sold using the FIFO, LIFO, and average cost methods.
FIFO
LIFO
Cost of
$
$
Avg Cost
$
goods sold
Ending
$
$
$
inventory
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