Carla Vista Lighting had a beginning inventory of 18 units at a cost of $7 per unit on August 1. During the month, the following purchases and sales were made. Purchases Sales August 5 23 units at $8 August 2 13 units August 11 33 units at $9 August 10 18 units August 23 28 units at $10 August 19 48 units August 21 18 units Carla Vista uses a periodic inventory system. Determine ending inventory and cost of goods sold under: 1. FIFO and 2. LIFO.
Carla Vista Lighting had a beginning inventory of 18 units at a cost of $7 per unit on August 1. During the month, the following purchases and sales were made. Purchases Sales August 5 23 units at $8 August 2 13 units August 11 33 units at $9 August 10 18 units August 23 28 units at $10 August 19 48 units August 21 18 units Carla Vista uses a periodic inventory system. Determine ending inventory and cost of goods sold under: 1. FIFO and 2. LIFO.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...
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Transcribed Image Text:Carla Vista uses a periodic inventory system.
Determine ending inventory and cost of goods sold under: 1. FIFO and 2. LIFO.
FIFO
LIFO
1.
Ending inventory
50
35
2.
Cost of goods sold
827
842
%24
Transcribed Image Text:Carla Vista Lighting had a beginning inventory of 18 units at a cost of $7 per unit on August 1. During the month, the following
purchases and sales were made.
Purchases
Sales
August 5
23 units at $8
August 2
13 units
August 11
33 units at $9
August 10
18 units
August 23
28 units at $10
August 19
48 units
August 21
18 units
Carla Vista uses a periodic inventory system.
Determine ending inventory and cost of goods sold under: 1. FIFO and 2. LIFO.
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