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Tyler Company has the following information related to purchases and sales of one of its inventory items. Date Description Units Purchased at Cost Units Sold at Retail Sept. 1 Beginning inventory 400 units @ $18 10 Purchase 600 units @ $20 20 Sales 650 units @ $34 25 Purchase 900 units at $21 Assume Tyler uses a perpetual inventory system. Required: Calculate ending inventory and cost of goods sold using the FIFO, LIFO, and average cost methods. FIFO Avg Cost LIFO Cost of $ $ $ goods 12,200 V X X sold Ending $ $ $ Inventory 25,900 V x X

Tyler Company has the following information related to purchases and sales of one of its inventory items. Date Description Units Purchased at Cost Units Sold at Retail Sept. 1 Beginning inventory 400 units @ $18 10 Purchase 600 units @ $20 20 Sales 650 units @ $34 25 Purchase 900 units at $21 Assume Tyler uses a perpetual inventory system. Required: Calculate ending inventory and cost of goods sold using the FIFO, LIFO, and average cost methods. FIFO Avg Cost LIFO Cost of $ $ $ goods 12,200 V X X sold Ending $ $ $ Inventory 25,900 V x X

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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Inventory Costing Methods Tyler Company has the following information related to purchases and sales of one of its inventory items. Date Description Units Purchased at Cost Units Sold at Retail Sept. 1 Beginning inventory 400 units @ $18 10 Purchase 600 units @ $20 20 Sales 650 units $34 25 Purchase 900 units at $21 Assume Tyler uses a perpetual inventory system. Required: Calculate ending inventory and cost of goods sold using the FIFO, LIFO, and average cost methods. Avg Cost FIFO LIFO Cost of $ $ $ goods 12,200 ✓ x x sold Ending $ $ $ Inventory 25,900 ✔ X X
Transcribed Image Text:Inventory Costing Methods Tyler Company has the following information related to purchases and sales of one of its inventory items. Date Description Units Purchased at Cost Units Sold at Retail Sept. 1 Beginning inventory 400 units @ $18 10 Purchase 600 units @ $20 20 Sales 650 units $34 25 Purchase 900 units at $21 Assume Tyler uses a perpetual inventory system. Required: Calculate ending inventory and cost of goods sold using the FIFO, LIFO, and average cost methods. Avg Cost FIFO LIFO Cost of $ $ $ goods 12,200 ✓ x x sold Ending $ $ $ Inventory 25,900 ✔ X X
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