Yount Company reports the following for the month of June. Units Unit Cost Total Cost June 1 Inventory 200 $5 $1,000 12 Purchase 300 1,800 23 Purchase 500 7 3,500 30 Inventory 120 Instructions (a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO an (2) LIFO. (b) Which costing method gives the higher ending inventory? Why? (c) Which method results in the higher cost of goods sold? Why?

Yount Company reports the following for the month of June. Units Unit Cost Total Cost June 1 Inventory 200 $5 $1,000 12 Purchase 300 1,800 23 Purchase 500 7 3,500 30 Inventory 120 Instructions (a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO an (2) LIFO. (b) Which costing method gives the higher ending inventory? Why? (c) Which method results in the higher cost of goods sold? Why?

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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