Company X has the following inventory records for the month ending July 31, 2013: Units Unit Cost Beginning Inventory 70 $18.00 Purchase #1 50 $15.00 Purchase #2 40 $17.00 Purchase #3 30 $16.00 Company X sold 140 tires during July. Compute the ending inventory and the cost of goods sold for the period using FIFO, LIFO, and weighted-average cost inventory methods.
Company X has the following inventory records for the month ending July 31, 2013: Units Unit Cost Beginning Inventory 70 $18.00 Purchase #1 50 $15.00 Purchase #2 40 $17.00 Purchase #3 30 $16.00 Company X sold 140 tires during July. Compute the ending inventory and the cost of goods sold for the period using FIFO, LIFO, and weighted-average cost inventory methods.
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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- Company X has the following inventory records for the month ending July 31, 2013:
|
Units |
Unit Cost |
Beginning Inventory |
70 |
$18.00 |
Purchase #1 |
50 |
$15.00 |
Purchase #2 |
40 |
$17.00 |
Purchase #3 |
30 |
$16.00 |
Company X sold 140 tires during July. Compute the ending inventory and the cost of goods sold for the period using FIFO, LIFO, and weighted-average cost inventory methods.
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