Tyler Company has the following information related to purchases and sales of one of its inventory items. Sept. 1 Beginning inventory 20 units @ $5 10 Purchase 30 units @ $8 20 Sales 40 units @ $15 25 Purchase 25 units at $10 Assume the company uses a perpetual inventory system. Required: Calculate ending inventory and cost of goods sold using the FIFO, LIFO, and average cost methods.
Tyler Company has the following information related to purchases and sales of one of its inventory items. Sept. 1 Beginning inventory 20 units @ $5 10 Purchase 30 units @ $8 20 Sales 40 units @ $15 25 Purchase 25 units at $10 Assume the company uses a perpetual inventory system. Required: Calculate ending inventory and cost of goods sold using the FIFO, LIFO, and average cost methods.
Chapter10: Inventory
Section: Chapter Questions
Problem 2PA: Trini Company had the following transactions for the month. Calculate the ending inventory dollar...
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Tyler Company has the following information related to purchases and sales of one of its inventory items.
Sept. 1 | Beginning inventory | 20 units @ $5 | |
10 | Purchase | 30 units @ $8 | |
20 | Sales | 40 units @ $15 | |
25 | Purchase | 25 units at $10 |
Assume the company uses a perpetual inventory system.
Required:
Calculate ending inventory and cost of goods sold using the FIFO, LIFO, and average cost methods.
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