A company reports the following beginning inventory and two purchases for the month of May. On May 26th, the company sells 580 units. Ending inventory at January 31 totals 350 units. Units Units Cost Beginning inventory on May 1 380 $5.00 Purchase on May 19th 350 $ 4.00 Purchase on May 24th. 200 $ 2.50 Required: assume the perpetual inventory system is used and then determine the cost assigned to the cost of goods sold and the ending inventory when costs are assigned based on the FIFO , LIFO , AND WAITED AVERAGE METHOD
A company reports the following beginning inventory and two purchases for the month of May. On May 26th, the company sells 580 units. Ending inventory at January 31 totals 350 units. Units Units Cost Beginning inventory on May 1 380 $5.00 Purchase on May 19th 350 $ 4.00 Purchase on May 24th. 200 $ 2.50 Required: assume the perpetual inventory system is used and then determine the cost assigned to the cost of goods sold and the ending inventory when costs are assigned based on the FIFO , LIFO , AND WAITED AVERAGE METHOD
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 5.11E: Inventory Costing Methods VanderMeer Inc. reported the following information for the month of...
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A company reports the following beginning inventory and two purchases for the month of May. On May 26th, the company sells 580 units. Ending inventory at January 31 totals 350 units.
Units Units Cost
Beginning inventory on May 1 380 $5.00
Purchase on May 19th 350 $ 4.00
Purchase on May 24th. 200 $ 2.50
Required: assume the perpetual inventory system is used and then determine the cost assigned to the cost of goods sold and the ending inventory when costs are assigned based on the FIFO , LIFO , AND WAITED AVERAGE METHOD.
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