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The following is a record of Metlock Company's transactions for Boston Teapots for the month of May 2025. May 1 12 28 Balance Purchase Purchase 440 units@ $19.00 May 10 660 units@ $25.00 440 units @ $28.00 20 Sale Sale 330 units@ $41.00 594 units@ $41.00

The following is a record of Metlock Company's transactions for Boston Teapots for the month of May 2025. May 1 12 28 Balance Purchase Purchase 440 units@ $19.00 May 10 660 units@ $25.00 440 units @ $28.00 20 Sale Sale 330 units@ $41.00 594 units@ $41.00

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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The following is a record of Metlock Company's transactions for Boston Teapots for the month of May 2025. May 1 12 (a) 28 Balance Purchase Purchase 440 units @ $19.00 May 10 Sale @ $25.00 20 Sale 440 units @ $28.00 660 units Your answer is correct. Ending inventory $ Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 616 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO? eTextbook and Media (1) FIFO 16720 $ 330 units 594 units (2) LIFO @ $41.00 @$41.00 12760
Transcribed Image Text:The following is a record of Metlock Company's transactions for Boston Teapots for the month of May 2025. May 1 12 (a) 28 Balance Purchase Purchase 440 units @ $19.00 May 10 Sale @ $25.00 20 Sale 440 units @ $28.00 660 units Your answer is correct. Ending inventory $ Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 616 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO? eTextbook and Media (1) FIFO 16720 $ 330 units 594 units (2) LIFO @ $41.00 @$41.00 12760
Assuming that perpetual records are maintained and they tie into the general ledger, calculate the ending inventory using (1) FIFO and (2) LIFO Ending inventory $ (1) FIFO 16720 $ (2) LIFO
Transcribed Image Text:Assuming that perpetual records are maintained and they tie into the general ledger, calculate the ending inventory using (1) FIFO and (2) LIFO Ending inventory $ (1) FIFO 16720 $ (2) LIFO
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