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Using LIFO method, determine cost of goods sold (COGS) and ending inventory (S).

Using LIFO method, determine cost of goods sold (COGS) and ending inventory (S).

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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3) Moore's Company has the following information regarding its merchandise transactions for 2019. Jan. 1 Balance 120 units @ $48 (unit cost) Mar. 30 Purchase 250 units @ $54 Apr. 15 Sale 127 units Jun. 2 Purchase 300 units @ $49 Aug. 5 Oct. 8 Sale 250 units Purchase 280 units @ $65 Dec. 10 Sale 350 units
Transcribed Image Text:3) Moore's Company has the following information regarding its merchandise transactions for 2019. Jan. 1 Balance 120 units @ $48 (unit cost) Mar. 30 Purchase 250 units @ $54 Apr. 15 Sale 127 units Jun. 2 Purchase 300 units @ $49 Aug. 5 Oct. 8 Sale 250 units Purchase 280 units @ $65 Dec. 10 Sale 350 units
(c) Using LIFO method, determine cost of goods sold (C0GS) and ending inventory (S). (d) Using weighted average method, determine cost of goods sold (C0GS) and ending inventory ($). 6
Transcribed Image Text:(c) Using LIFO method, determine cost of goods sold (C0GS) and ending inventory (S). (d) Using weighted average method, determine cost of goods sold (C0GS) and ending inventory ($). 6
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