Accounting 2. James corporation started his business as a sole trader January 1 2015. From the following figures calculate the closing inventory in trade that would be shown using a. FIFO, (b) LIFO, (c) AVCO methods on a perpetual inventory basis. Bought Sold January 120 @ $20 February 125 $25 March 180 @ $20 February 200 @ $18 March 300 @ $25 April 200 $30 April 100 @ $25 May 400 @ $30 June 150 @ $35 September October 150@ $35 October November 200 @ $40 December 300 @ $40 300 @ $35 150@ $35

Accounting 2. James corporation started his business as a sole trader January 1 2015. From the following figures calculate the closing inventory in trade that would be shown using a. FIFO, (b) LIFO, (c) AVCO methods on a perpetual inventory basis. Bought Sold January 120 @ $20 February 125 $25 March 180 @ $20 February 200 @ $18 March 300 @ $25 April 200 $30 April 100 @ $25 May 400 @ $30 June 150 @ $35 September October 150@ $35 October November 200 @ $40 December 300 @ $40 300 @ $35 150@ $35

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Description: Accounting2. James corporation started his business as a sole trader January 1 2015.From the following figures calculate the closing inventory in trade that wouldbe shown usinga. FIFO, (b) LIFO, (c) AVCO methods on a perpetual inventory basis.Bought

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 7MCQ

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