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Norris Company uses the perpetual inventory system and had the following purchases and sales during March 3/1 3/3 3/4 Beginning inventory Purchase Sales 3/10 3/16 Sales 3/19 3/25 Sales Purchase Purchase Cost of goods sold Ending inventory S Units 100 60 200 Purchases 40 Unit Cost $40 $50 FIFO $55 $60 Units 70 80 120 Sales Selling Price/Unit Using the inventory and sales data above, calculate the cost assigned to cost of goods sold in March and to the ending March 31 using (a) FIFO and (b) LIFO $80 LIFO $90 $90

Norris Company uses the perpetual inventory system and had the following purchases and sales during March 3/1 3/3 3/4 Beginning inventory Purchase Sales 3/10 3/16 Sales 3/19 3/25 Sales Purchase Purchase Cost of goods sold Ending inventory S Units 100 60 200 Purchases 40 Unit Cost $40 $50 FIFO $55 $60 Units 70 80 120 Sales Selling Price/Unit Using the inventory and sales data above, calculate the cost assigned to cost of goods sold in March and to the ending March 31 using (a) FIFO and (b) LIFO $80 LIFO $90 $90

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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Dd.19.

Norris Company uses the perpetual inventory system and had the following purchases and sales during March 3/1 3/3 3/4 3/10 3/16 3/19 3/25 Units Beginning inventory 100 Purchase Sales Purchase Sales Purchase Sales Cost of goods sold S Ending inventory 60 5 200 Purchases 40 Unit Cost FIFO $40 $50 $55 $60 Units 70 80 120 Sales Selling Price/Unit Using the inventory and sales data above, calculate the cost assigned to cost of goods sold in March and to the ending inventory at March 31 using (a) FIFO and (b) LIFO $80 LIFO $90 $90
Transcribed Image Text:Norris Company uses the perpetual inventory system and had the following purchases and sales during March 3/1 3/3 3/4 3/10 3/16 3/19 3/25 Units Beginning inventory 100 Purchase Sales Purchase Sales Purchase Sales Cost of goods sold S Ending inventory 60 5 200 Purchases 40 Unit Cost FIFO $40 $50 $55 $60 Units 70 80 120 Sales Selling Price/Unit Using the inventory and sales data above, calculate the cost assigned to cost of goods sold in March and to the ending inventory at March 31 using (a) FIFO and (b) LIFO $80 LIFO $90 $90
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