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June 1 Purchased 1 unit for $70 June S Purchased 1 more unit for $80- FIFO LIFO June 10 Purchased 1 move unit for $85 June 15 Purchased 1 move unit for $90 June 20 Sold 2 units for $100 per unit for total sales of $200 What is the Cost of Goods Sold under FIFO? What is the cast of Goods Sold under LIFO? What is the cost of Goods Sold under average cost? You can identify that the units sold were the one purchased on June 5 and the one purchased on June 15. What is the cost of Goods Sold under specific identification? * Take what you have left nebras suni ambao

June 1 Purchased 1 unit for $70 June S Purchased 1 more unit for $80- FIFO LIFO June 10 Purchased 1 move unit for $85 June 15 Purchased 1 move unit for $90 June 20 Sold 2 units for $100 per unit for total sales of $200 What is the Cost of Goods Sold under FIFO? What is the cast of Goods Sold under LIFO? What is the cost of Goods Sold under average cost? You can identify that the units sold were the one purchased on June 5 and the one purchased on June 15. What is the cost of Goods Sold under specific identification? * Take what you have left nebras suni ambao

FINANCIAL ACCOUNTING
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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### Inventory Transactions and Cost of Goods Sold **June 1:** Purchased 1 unit for $10 **June 5:** Purchased 1 more unit for $80 **June 10:** Purchased 1 more unit for $85 **June 15:** Purchased 1 more unit for $90 **June 20:** Sold 2 units for $100 per unit for total sales of $200 #### Questions: 1. What is the Cost of Goods Sold under FIFO? 2. What is the Cost of Goods Sold under LIFO? 3. What is the Cost of Goods Sold under average cost? 4. You can identify that the units sold were the one purchased on June 5 and the one purchased on June 15. What is the Cost of Goods Sold under specific identification? \* Take what you have left
Transcribed Image Text:### Inventory Transactions and Cost of Goods Sold **June 1:** Purchased 1 unit for $10 **June 5:** Purchased 1 more unit for $80 **June 10:** Purchased 1 more unit for $85 **June 15:** Purchased 1 more unit for $90 **June 20:** Sold 2 units for $100 per unit for total sales of $200 #### Questions: 1. What is the Cost of Goods Sold under FIFO? 2. What is the Cost of Goods Sold under LIFO? 3. What is the Cost of Goods Sold under average cost? 4. You can identify that the units sold were the one purchased on June 5 and the one purchased on June 15. What is the Cost of Goods Sold under specific identification? \* Take what you have left
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