LO7-2 M7-20. Computing Cost of Goods Sold and Ending Inventory Under FIFO, LIFO, and Average Cost Assume that Gode Company reports the following initial balance and subsequent purchase of inventory. MBC Beginning inventory.... Inventory purchased during the year Cost of goods available for sale... 2,500 units @ $100 each 5,000 units @ $150 each 7,500 units $ 250,000 750,000 $1,000,000 Assume that 4,250 units are sold during the year. Compute the cost of goods sold for the year and the balance reported as ending inventory on its year-end balance sheet under the following inven- tory costing methods: a. FIFO b. LIFO c. Average cost
LO7-2 M7-20. Computing Cost of Goods Sold and Ending Inventory Under FIFO, LIFO, and Average Cost Assume that Gode Company reports the following initial balance and subsequent purchase of inventory. MBC Beginning inventory.... Inventory purchased during the year Cost of goods available for sale... 2,500 units @ $100 each 5,000 units @ $150 each 7,500 units $ 250,000 750,000 $1,000,000 Assume that 4,250 units are sold during the year. Compute the cost of goods sold for the year and the balance reported as ending inventory on its year-end balance sheet under the following inven- tory costing methods: a. FIFO b. LIFO c. Average cost
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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