inning inventory 10 30 1-Apr Purchase 30 32 16-Jun Purchase 40 35 28-Nov Purchase 20 36 There were 25 units of YY2 in the ending inventory of the year. Instructions: Compute the cost of the ending inventory and the cost of goods sold for the year under the following method (just the number, no $ sign). 1. FIFO Cost of ending inventory Cost of goods sold 2. LIFO
inning inventory 10 30 1-Apr Purchase 30 32 16-Jun Purchase 40 35 28-Nov Purchase 20 36 There were 25 units of YY2 in the ending inventory of the year. Instructions: Compute the cost of the ending inventory and the cost of goods sold for the year under the following method (just the number, no $ sign). 1. FIFO Cost of ending inventory Cost of goods sold 2. LIFO
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 1PEB: The following three identical units of Item Beta are purchased during June: Assume that one unit is...
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The units of Product YY2 available for sale during the year were as follows:
Dates Transactions Units Unit cost
1-Jan Beginning inventory 10 30
1-Apr Purchase 30 32
16-Jun Purchase 40 35
28-Nov Purchase 20 36
There were 25 units of YY2 in the ending inventory of the year.
Instructions: Compute the cost of the ending inventory and the cost of goods sold for the year under the following method (just the number, no $ sign).
1. FIFO
Cost of ending inventory
Cost of goods sold
2. LIFO
Cost of ending inventory
Cost of goods sold
3. Weighted average
Cost of ending inventory
Cost of goods sold
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