LoDo Designs sells smart phone cases that are custom designed by local artists. Its beginning Inventory of cases was 162 units at $35 per unit. During the year, Cortez made two batch purchases of these cases. The first was a 206-unit purchase at $38 per unit, the second was a 280-unit purchase at $41 per unit. During the period. It sold 522 cases. Required: Determine the amount of product costs that would be allocated to cost of goods sold and ending Inventory, assuming that LoDo Designs uses a. FIFO, b. LIFO Cost of goods sold Ending inventory FIFO S 24,978 S 19.812 LIFO
LoDo Designs sells smart phone cases that are custom designed by local artists. Its beginning Inventory of cases was 162 units at $35 per unit. During the year, Cortez made two batch purchases of these cases. The first was a 206-unit purchase at $38 per unit, the second was a 280-unit purchase at $41 per unit. During the period. It sold 522 cases. Required: Determine the amount of product costs that would be allocated to cost of goods sold and ending Inventory, assuming that LoDo Designs uses a. FIFO, b. LIFO Cost of goods sold Ending inventory FIFO S 24,978 S 19.812 LIFO
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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