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Inventory Costing Methods The following data are for the Miller Corporation, which sells just one product: Unit Units Cost Beginning inventory January 1 200 $30 Purchases: February 11 500 $33 May 18 400 $38 October 23 100 $45 Sales March 1 400 July 1 400 Calculate the value of ending inventory and cost of goods sold using the periodic method and (a) first-in, first-out, (b) last-in, first-out, and (c) weighted-average cost method. Round your final answers to the nearest dollar. Cost of goods sold Ending inventory a. FIFO $ 0 $ 0 b. LIFO $ 0 $ 0 c. Weighted average $ 0 $ 0

Inventory Costing Methods The following data are for the Miller Corporation, which sells just one product: Unit Units Cost Beginning inventory January 1 200 $30 Purchases: February 11 500 $33 May 18 400 $38 October 23 100 $45 Sales March 1 400 July 1 400 Calculate the value of ending inventory and cost of goods sold using the periodic method and (a) first-in, first-out, (b) last-in, first-out, and (c) weighted-average cost method. Round your final answers to the nearest dollar. Cost of goods sold Ending inventory a. FIFO $ 0 $ 0 b. LIFO $ 0 $ 0 c. Weighted average $ 0 $ 0

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Inventory Costing Methods The following data are for the Miller Corporation, which sells just one product: Unit Units Cost Beginning inventory January 1 200 $30 Purchases: February 11 500 $33 May 18 400 $38 October 23 100 $45 Sales March 1 400 July 1 400 Calculate the value of ending inventory and cost of goods sold using the periodic method and (a) first-in, first-out, (b) last-in, first-out, and (c) weighted-average cost method. Round your final answers to the nearest dollar. Cost of goods sold Ending inventory a. FIFO $ 0 $ 0 b. LIFO $ 0 $ 0 c. Weighted average $ 0 $ 0
Transcribed Image Text:Inventory Costing Methods The following data are for the Miller Corporation, which sells just one product: Unit Units Cost Beginning inventory January 1 200 $30 Purchases: February 11 500 $33 May 18 400 $38 October 23 100 $45 Sales March 1 400 July 1 400 Calculate the value of ending inventory and cost of goods sold using the periodic method and (a) first-in, first-out, (b) last-in, first-out, and (c) weighted-average cost method. Round your final answers to the nearest dollar. Cost of goods sold Ending inventory a. FIFO $ 0 $ 0 b. LIFO $ 0 $ 0 c. Weighted average $ 0 $ 0
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