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Company's inventory records for the most recent year contain the following​ data: Stewart Company sold a total of 19,600 units during the year.   Data Table   Quantity Unit Cost Beginning inventory 2,000 $4.00 Purchases during year 18,000 $6.00 .   Requirement 1. Using the​ average-cost method, compute the cost of goods sold and ending inventory for the year. ​(Round the average cost per unit to the nearest​ cent.)   Using the average-cost method, the cost of goods sold is $ ? and the ending inventory is $ ? .     Requirement 2.Using the FIFO method,compute the cost of goods sold and ending inventory for the year.   Using the FIFO method, the cost of goods sold is $  ?   and the ending inventory is $ ? .     Requirement 3.Using the LIFO method,compute the cost of goods sold and ending inventory for the year.   Using the LIFO method, the cost of goods sold is $ ? and the ending inventory is $ ?

Company's inventory records for the most recent year contain the following​ data: Stewart Company sold a total of 19,600 units during the year.   Data Table   Quantity Unit Cost Beginning inventory 2,000 $4.00 Purchases during year 18,000 $6.00 .   Requirement 1. Using the​ average-cost method, compute the cost of goods sold and ending inventory for the year. ​(Round the average cost per unit to the nearest​ cent.)   Using the average-cost method, the cost of goods sold is $ ? and the ending inventory is $ ? .     Requirement 2.Using the FIFO method,compute the cost of goods sold and ending inventory for the year.   Using the FIFO method, the cost of goods sold is $  ?   and the ending inventory is $ ? .     Requirement 3.Using the LIFO method,compute the cost of goods sold and ending inventory for the year.   Using the LIFO method, the cost of goods sold is $ ? and the ending inventory is $ ?

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter13: Accounting For Merchandise Inventory
Section: Chapter Questions
Problem 1MP: Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2,...
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​Company's inventory records for the most recent year contain the following​ data:
Stewart
Company sold a total of
19,600
units during the year.
 
Data Table
 
Quantity
Unit Cost
Beginning inventory
2,000
$4.00
Purchases during year
18,000
$6.00
.
 
Requirement 1. Using the​ average-cost method, compute the cost of goods sold and ending inventory for the year. ​(Round the average cost per unit to the nearest​ cent.)
 
Using the average-cost method, the cost of goods sold is
$
?
and the ending inventory is
$
?
.
 
 
Requirement 2.Using the FIFO method,compute the cost of goods sold and ending inventory for the year.
 
Using the FIFO method, the cost of goods sold is
$
  ?  
and the ending inventory is
$
 ?
.

 

 

Requirement 3.Using the LIFO method,compute the cost of goods sold and ending inventory for the year.
 
Using the LIFO method, the cost of goods sold is
$
 ?
and the ending inventory is
$
 ?
.
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