11. A company sells one product. At the beginning of the year the company had 10,000 finished products in inventory at a cost to manufacture of $11 each. During the year the company manufactured 3 different batches of product consisting of 12,000, 14,000 and 8,000 units at a total cost of $135,000, $161,000 and $96,000 respectively in this order. During the year the company sold 41,000 units for $800,000 in sales dollars. Shipping costs are $0.30 for each product shipped. Compute the value of ending inventory and cost of goods sold for the period using the periodic method and A. FIFO B. LIFO

11. A company sells one product. At the beginning of the year the company had 10,000 finished products in inventory at a cost to manufacture of $11 each. During the year the company manufactured 3 different batches of product consisting of 12,000, 14,000 and 8,000 units at a total cost of $135,000, $161,000 and $96,000 respectively in this order. During the year the company sold 41,000 units for $800,000 in sales dollars. Shipping costs are $0.30 for each product shipped. Compute the value of ending inventory and cost of goods sold for the period using the periodic method and A. FIFO B. LIFO

Name: Inventory Hard A&B 11. A company sells one product. At thebeginning of
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Description: Inventory Hard A&B 11. A company sells one product. At thebeginning of the year the company had 10,000finished products in inventory at a cost tomanufacture of $11 each. During the year thecompany manufactured 3 different batches ofproduct consisting

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 2EA: A company started a new product, and in the first month started 100,000 units. The ending work in...

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