The inventory accounting records for Lee Enterprises contained the following data: Beginning inventory 400 units at $13 each Purchase 1, Feb. 26 2,300 units at $14 each Sale 1, March 9 2,500 units at $27 each Purchase 2, June 14 2.200 units at $15 each Sale 2, Sept. 22 2,100 units at $29 each Required: Calculate the cost of ending inventory and the cost of goods sold using the FIFO, LIFO, and average cost methods. (Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) FIFO LIFO Average cost Cost of ending inventory Cost of goods sold

The inventory accounting records for Lee Enterprises contained the following data: Beginning inventory 400 units at $13 each Purchase 1, Feb. 26 2,300 units at $14 each Sale 1, March 9 2,500 units at $27 each Purchase 2, June 14 2.200 units at $15 each Sale 2, Sept. 22 2,100 units at $29 each Required: Calculate the cost of ending inventory and the cost of goods sold using the FIFO, LIFO, and average cost methods. (Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) FIFO LIFO Average cost Cost of ending inventory Cost of goods sold

Name: The inventory accounting records for Lee Enterprises contained the fo
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Description: The inventory accounting records for Lee Enterprises contained the following data:Beginning inventory400 units at $13 eachPurchase 1, Feb. 262,300 units at $14 eachSale 1, March 92,500 units at $27 eachPurchase 2, June 142,200 units at $15 eachSale

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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