Inventory prior year 12/31 1940 units at 5 current year purchases 3/21 5140 units at 7 8/1 2840 units at 8 Ending inventory 4130 i need to calculate COGS and ending inventory using Lifo, FIFO and average cost

Inventory prior year 12/31 1940 units at 5 current year purchases 3/21 5140 units at 7 8/1 2840 units at 8 Ending inventory 4130 i need to calculate COGS and ending inventory using Lifo, FIFO and average cost

Name: Inventory prior year 12/31 1940 units at 5current year purchases3/21 5
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Description: Inventory prior year 12/31 1940 units at 5current year purchases3/21 5140 units at 78/1 2840 units at 8Ending inventory 4130i need to calculate COGS and ending inventory using Lifo, FIFO and average cost

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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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Inventory prior year 12/31 1940 units at 5

current year purchases

3/21 5140 units at 7

8/1 2840 units at 8

Ending inventory 4130

i need to calculate COGS and ending inventory using Lifo, FIFO and average cost

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Subject: accounting
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