Use the following data to calculate the cost of ending inventory using the Ilfo method. September 1st beginning inventory 15 units at $20 Each. September 10th purchase 20 units at $25 each September 20th Purchase 25 units at $28 each. September 30th ending inventory 30 units. which is the best Answer? A. $825 b. $750 C. $675 D $600.

Use the following data to calculate the cost of ending inventory using the Ilfo method. September 1st beginning inventory 15 units at $20 Each. September 10th purchase 20 units at $25 each September 20th Purchase 25 units at $28 each. September 30th ending inventory 30 units. which is the best Answer? A. $825 b. $750 C. $675 D $600.

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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HOW DO I CALCULATE THE COST OF THE ENDING INVENTORY AND THE COST OF GOODS SOLD? Date Explanation Units Unit Cost Total Cost June 1 Inventory 150 $4 $600 12 Purchase 450 5 2,250 23 Purchase 400 6 2,400 30 Inventory 80 Assume a sale of 500 units occurred on June 15 for a selling price of $7 and a sale of 420 units on June 27 for $8.