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Super Mart, a regional convenience store chain, maintains milk inventory by the gallon. The first month's milk purchases and sales at its Freeport, Florida, location follow: Nov. 2 Purchased 11 gallons @ $2.15 each Nov. 6 Purchased 2 gallons @ $2.80 each Nov. 8 Sold 6 gallons of milk to a customer Nov. 13 Purchased 3 gallons @ $2.85 each Nov. 14 Sold 4 gallons of milk to a customer Requirements: 1. Determine the amount that would be reported in ending merchandise inventory on November 15 using the FIFO inventory costing method. 2. Determine the amount that would be reported in ending merchandise inventory on November 15 using the LIFO inventory costing method. 3. Determine the amount that would be reported in ending merchandise inventory on November 15 using the weighted-average inventory costing method. Round all amounts to the ngarost cont

Super Mart, a regional convenience store chain, maintains milk inventory by the gallon. The first month's milk purchases and sales at its Freeport, Florida, location follow: Nov. 2 Purchased 11 gallons @ $2.15 each Nov. 6 Purchased 2 gallons @ $2.80 each Nov. 8 Sold 6 gallons of milk to a customer Nov. 13 Purchased 3 gallons @ $2.85 each Nov. 14 Sold 4 gallons of milk to a customer Requirements: 1. Determine the amount that would be reported in ending merchandise inventory on November 15 using the FIFO inventory costing method. 2. Determine the amount that would be reported in ending merchandise inventory on November 15 using the LIFO inventory costing method. 3. Determine the amount that would be reported in ending merchandise inventory on November 15 using the weighted-average inventory costing method. Round all amounts to the ngarost cont

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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Super Mart, a regional convenience store chain, maintains milk inventory by the gallon. The first month's milk purchases and sales at its Freeport, Florida, location follow: Nov. 2 Purchased 11 gallons @ $2.15 each Nov. 6 Purchased 2 gallons @ $2.80 each Nov. 8 Sold 6 gallons of milk to a customer Nov. 13 Purchased 3 gallons @ $2.85 each Nov. 14 Sold 4 gallons of milk to a customer Requirements: 1. Determine the amount that would be reported in ending merchandise inventory on November 15 using the FIFO inventory costing method. 2. Determine the amount that would be reported in ending merchandise inventory on November 15 using the LIFO inventory costing method. 3. Determine the amount that would be reported in ending merchandise inventory on November 15 using the weighted-average inventory costing method. Round all amounts to the nearest cent.
Transcribed Image Text:Super Mart, a regional convenience store chain, maintains milk inventory by the gallon. The first month's milk purchases and sales at its Freeport, Florida, location follow: Nov. 2 Purchased 11 gallons @ $2.15 each Nov. 6 Purchased 2 gallons @ $2.80 each Nov. 8 Sold 6 gallons of milk to a customer Nov. 13 Purchased 3 gallons @ $2.85 each Nov. 14 Sold 4 gallons of milk to a customer Requirements: 1. Determine the amount that would be reported in ending merchandise inventory on November 15 using the FIFO inventory costing method. 2. Determine the amount that would be reported in ending merchandise inventory on November 15 using the LIFO inventory costing method. 3. Determine the amount that would be reported in ending merchandise inventory on November 15 using the weighted-average inventory costing method. Round all amounts to the nearest cent.
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