SE2. Assume the following data with regard to inventory for Vegan Compawwny: Aug. 1 Inventory 40 units @ $10 per unit $ 400 8 Purchase 50 units @ $11 per unit 550 22 Purchase 35 units @ $12 per unit 420 Goods available for sale 125 units $1,370 Aug. 15 Sale 45 units 28 Sale 25 units Inventory, Aug. 31 55 units Assuming that the inventory consists of 30 units from the August 8 purchase and 25 units from the purchase of August 22, calculate the cost of ending inventory and cost of goods sold. LIFO Method: Perpetual Inventory System SE9. Using the data in SE2, calculate the cost of ending inventory and cost of goods sold according to the LIFO method under the perpetual inventory system
SE2. Assume the following data with regard to inventory for Vegan Compawwny: Aug. 1 Inventory 40 units @ $10 per unit $ 400 8 Purchase 50 units @ $11 per unit 550 22 Purchase 35 units @ $12 per unit 420 Goods available for sale 125 units $1,370 Aug. 15 Sale 45 units 28 Sale 25 units Inventory, Aug. 31 55 units Assuming that the inventory consists of 30 units from the August 8 purchase and 25 units from the purchase of August 22, calculate the cost of ending inventory and cost of goods sold. LIFO Method: Perpetual Inventory System SE9. Using the data in SE2, calculate the cost of ending inventory and cost of goods sold according to the LIFO method under the perpetual inventory system
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:SE2. Assume the following data with regard to inventory for Vegan Compawwny: Aug. 1 Inventory 40 units
@ $10 per unit $ 400 8 Purchase 50 units @ $11 per unit 550 22 Purchase 35 units @ $12 per unit 420 Goods
available for sale 125 units $1,370 Aug. 15 Sale 45 units 28 Sale 25 units Inventory, Aug. 31 55 units
Assuming that the inventory consists of 30 units from the August 8 purchase and 25 units from the purchase
of August 22, calculate the cost of ending inventory and cost of goods sold. LIFO Method: Perpetual
Inventory System SE9. Using the data in SE2, calculate the cost of ending inventory and cost of goods sold
according to the LIFO method under the perpetual inventory system
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