4. Inventory valuation Your firm had 450 units of product A on hand at January 1, 2021, costing $10 each. Purchases of product A during January, 2021 were as follows: Date Jan. 10 Units 600 Unit Cost $12 750 300 18 13 28 14 Your firm made one sale of 300 units at $20/unit on Jan. 15 and another sale of 700 units at $25/unit on Jan. 20. Required a. Determine the cost of goods sold and ending inventory on January 31, 2012 under the LIFO method and periodic inventory system is? b. Determine the cost of goods sold and ending inventory on January 31, 2012 under the FIFO method and perpetual inventory system is?

4. Inventory valuation Your firm had 450 units of product A on hand at January 1, 2021, costing $10 each. Purchases of product A during January, 2021 were as follows: Date Jan. 10 Units 600 Unit Cost $12 750 300 18 13 28 14 Your firm made one sale of 300 units at $20/unit on Jan. 15 and another sale of 700 units at $25/unit on Jan. 20. Required a. Determine the cost of goods sold and ending inventory on January 31, 2012 under the LIFO method and periodic inventory system is? b. Determine the cost of goods sold and ending inventory on January 31, 2012 under the FIFO method and perpetual inventory system is?

Name: 4. Inventory valuationYour firm had 450 units of product A on hand at
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Description: 4. Inventory valuationYour firm had 450 units of product A on hand at January 1, 2021, costing $10 each.Purchases of product A during January, 2021 were as follows:DateUnit CostUnits600Jan. 10$1218750132830014Your firm made one sale of 300 units at

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.13MCP

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