Computing cost of goods sold and ending inventory under FIFI, LIFO and average cost. Assume that Gode Company reports the following initial balances and subsequent purchases of inventory: Beginning inventory 2017 1,000 units@ 100 each $100,000.00Inventory purchased in 2017 2,000 units @150 each $300,000.00Cost of goods sold for sale in 2017 3,000 units $400,000.00 Assume that 1,700 units sold during 2017. Compute the cost of goods sold for 2017 and the balance reported as ending inventory on its 2017 balance sheet under the following inventory costing methods: a. FIFOb. LIFOc. Average Cost

Cornerstones of Financial Accounting
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Chapter6: Cost Of Goods Sold And Inventory
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Computing cost of goods sold and ending inventory under FIFI, LIFO and average cost.
Assume that Gode Company reports the following initial balances and subsequent purchases of inventory:
Beginning inventory 2017 1,000 units@ 100 each $100,000.00
Inventory purchased in 2017 2,000 units @150 each $300,000.00
Cost of goods sold for sale in 2017 3,000 units $400,000.00

Assume that 1,700 units sold during 2017. Compute the cost of goods sold for 2017 and the balance reported as ending inventory on its 2017 balance sheet under the following inventory costing methods:
a. FIFO
b. LIFO
c. Average Cost

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