Jan. 1 Beginning Inventory 200 Units @ $10 Mar. 14 Purchase 350 Units @ $15 450 Units @ $20 700 Units @ $25 17,500 Said Company reported the following current-year data for its only product: Said resold its products at $40 per unit on the following dates: Jan. 10 Sales 100 units Mar. 15 Sales 150 units Oct. 5 Sales 310 units Total Sales 560 units Determine the costs assigned to cost of goods sold and ending inventory using: Jul. 30 Purchase Oct. 26 Purchase (a) FIFO and (b) LIFO $2,000 5,250 9,000
Jan. 1 Beginning Inventory 200 Units @ $10 Mar. 14 Purchase 350 Units @ $15 450 Units @ $20 700 Units @ $25 17,500 Said Company reported the following current-year data for its only product: Said resold its products at $40 per unit on the following dates: Jan. 10 Sales 100 units Mar. 15 Sales 150 units Oct. 5 Sales 310 units Total Sales 560 units Determine the costs assigned to cost of goods sold and ending inventory using: Jul. 30 Purchase Oct. 26 Purchase (a) FIFO and (b) LIFO $2,000 5,250 9,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please do not give solution in image format thanku

Transcribed Image Text:Jan. 1 Beginning Inventory 200 Units
350 Units.
Mar. 14 Purchase
Jul. 30 Purchase
Oct. 26 Purchase
Oct. 5
700 Units
@ $25
Said Company reported the following current-year data for its only
product:
Total
450 Units
Sales
(a) FIFO and
(b) LIFO
Said resold its products at $40 per unit on the following dates:
Jan. 10
Sales 100 units
Mar. 15.
150 units
@ $10
@ $15
@ $20
Sales
310 units
Sales 560 units
$2,000
5,250
9,000
17,500
Determine the costs assigned to cost of goods sold and ending
inventory using:
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