Unit Units Cost Inventory, December 31, prior year 1,850 $ 3 For the current year: Purchase, March 21 5,040 Purchase, August 1 2,930 56 Inventory, December 31, current year 4,140 Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods.
Unit Units Cost Inventory, December 31, prior year 1,850 $ 3 For the current year: Purchase, March 21 5,040 Purchase, August 1 2,930 56 Inventory, December 31, current year 4,140 Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods.
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 5PA
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