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LO 10.1 Calculate the dollar amount of ending inventory and cost of goods sold, under first-in, first-out (FIFO), last-in and first out (LIFO) inventory methods. The following facts about inventory for the period are: Cost per Unit $10 12 15 Number of Units Beginning Inventory 150 Purchased March 15 160 Purchased March 31 Ending Inventory 130 50 Under the first-in, first-out (FIFO) method, ending inventory is equal to $ type your answer... ; and cost of goods sold is $ type your answer... Under the last-in, first-out (LIFO) method, ending inventory is equal to $ type your answer... ; and cost of goods sold is $ type your answer...

LO 10.1 Calculate the dollar amount of ending inventory and cost of goods sold, under first-in, first-out (FIFO), last-in and first out (LIFO) inventory methods. The following facts about inventory for the period are: Cost per Unit $10 12 15 Number of Units Beginning Inventory 150 Purchased March 15 160 Purchased March 31 Ending Inventory 130 50 Under the first-in, first-out (FIFO) method, ending inventory is equal to $ type your answer... ; and cost of goods sold is $ type your answer... Under the last-in, first-out (LIFO) method, ending inventory is equal to $ type your answer... ; and cost of goods sold is $ type your answer...

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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LO 10.1 Calculate the dollar amount of ending inventory and cost of goods sold, under first-in, first-out (FIFO), last-in and first out (LIFO) inventory methods. The following facts about inventory for the period are: Cost per Unit $10 12 15 Number of Units Beginning Inventory 150 Purchased March 15 160 Purchased March 31 Ending Inventory 130 50 Under the first-in, first-out (FIFO) method, ending inventory is equal to $ type your answer... ; and cost of goods sold is $ type your answer... Under the last-in, first-out (LIFO) method, ending inventory is equal to $ type your answer... ; and cost of goods sold is $ type your answer...
Transcribed Image Text:LO 10.1 Calculate the dollar amount of ending inventory and cost of goods sold, under first-in, first-out (FIFO), last-in and first out (LIFO) inventory methods. The following facts about inventory for the period are: Cost per Unit $10 12 15 Number of Units Beginning Inventory 150 Purchased March 15 160 Purchased March 31 Ending Inventory 130 50 Under the first-in, first-out (FIFO) method, ending inventory is equal to $ type your answer... ; and cost of goods sold is $ type your answer... Under the last-in, first-out (LIFO) method, ending inventory is equal to $ type your answer... ; and cost of goods sold is $ type your answer...
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