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The Marsh Company uses a periodic inventory system. Determine the cost assigned to ending inventory and to cost of goods sold using (a) FIFO, and (b) LIFO methods.

The Marsh Company uses a periodic inventory system. Determine the cost assigned to ending inventory and to cost of goods sold using (a) FIFO, and (b) LIFO methods.

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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Q2: Following are the details related to the inventory of Marsh Company: Date Jan-01 Jan-10 Activities Beginning inventory Sales Purchase Jan-20 Jan-25 Sales Jan-30 Purchase Total 240 units 170 units 380 units 790 units Units Acquired at Cost $ 16.50 @ 15.50 $ 15.00 $ 3,960 2,635 5,700 $ 12.295 Units sold at Retail 190 units 190 units 380 units @ $25.50 The Marsh Company uses a periodic inventory system. Determine the cost assigned to ending inventory and to cost of goods sold using (a) FIFO, and (b) LIFO methods. $25.50
Transcribed Image Text:Q2: Following are the details related to the inventory of Marsh Company: Date Jan-01 Jan-10 Activities Beginning inventory Sales Purchase Jan-20 Jan-25 Sales Jan-30 Purchase Total 240 units 170 units 380 units 790 units Units Acquired at Cost $ 16.50 @ 15.50 $ 15.00 $ 3,960 2,635 5,700 $ 12.295 Units sold at Retail 190 units 190 units 380 units @ $25.50 The Marsh Company uses a periodic inventory system. Determine the cost assigned to ending inventory and to cost of goods sold using (a) FIFO, and (b) LIFO methods. $25.50
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