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Tyler Company has the following information related to purchases and sales of one of its inventory items. Units Purchased at Cost Units Sold at Retail 400 units @ $12 600 units @ $14 Description Sept. 1 Beginning inventory 10 Purchase 20 Sales 25 Purchase 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 Date Cost of goods sold Ending inventory 8,160 X $ 20,404 700 units at $15 LIFO $ 8,880 X $ 19,320 X 660 units @ $24 $ 8,448 X 19,752 X

Tyler Company has the following information related to purchases and sales of one of its inventory items. Units Purchased at Cost Units Sold at Retail 400 units @ $12 600 units @ $14 Description Sept. 1 Beginning inventory 10 Purchase 20 Sales 25 Purchase 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 Date Cost of goods sold Ending inventory 8,160 X $ 20,404 700 units at $15 LIFO $ 8,880 X $ 19,320 X 660 units @ $24 $ 8,448 X 19,752 X

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Inventory Costing Methods Tyler Company has the following information related to purchases and sales of one of its inventory items. Units Purchased at Cost Units Sold at Retail 400 units @ $12 600 units @ $14 Description Sept. 1 Beginning inventory 10 Purchase 20 Sales 25 Purchase 700 units at $15 Assume Tyler uses a perpetual inventory system.. Date Required: Calculate ending inventory and cost of goods sold using the FIFO, LIFO, and average cost methods. FIFO Avg Cost Cost of goods sold Ending inventory $ 8,160 X $ 20,404 LIFO $ 8,880 X 660 units @ $24 $ 19,320 X $ 8,448 X $ 19,752 X
Transcribed Image Text:Inventory Costing Methods Tyler Company has the following information related to purchases and sales of one of its inventory items. Units Purchased at Cost Units Sold at Retail 400 units @ $12 600 units @ $14 Description Sept. 1 Beginning inventory 10 Purchase 20 Sales 25 Purchase 700 units at $15 Assume Tyler uses a perpetual inventory system.. Date Required: Calculate ending inventory and cost of goods sold using the FIFO, LIFO, and average cost methods. FIFO Avg Cost Cost of goods sold Ending inventory $ 8,160 X $ 20,404 LIFO $ 8,880 X 660 units @ $24 $ 19,320 X $ 8,448 X $ 19,752 X
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