Data for Al-Riyadh Company for the year ending in 2020: (10 Marks) Date Explanation Beginning Inventory Units Jan 1 Unit Cost Total Cost 150 April 20 August 3 Dece15 10 1,500 4,800 Purchase 400 12 Purchase 400 14 5,600 2,400 14,300 Purchase 150 16 Total Units Available for sale 1,100 Additional Information: Total sales is 800 units. Price per unit sold is $30. Operational Expenses is $2,500. nstruction: 1. Find the units of the ending inventory. 2. Find the cost of ending inventory using: A. FIFO B. LIFO. C. Weighted Average. 3. Find the cost of sales using: A. FIFO. B. LIFO. C. Weighted Average.

Data for Al-Riyadh Company for the year ending in 2020: (10 Marks) Date Explanation Beginning Inventory Units Jan 1 Unit Cost Total Cost 150 April 20 August 3 Dece15 10 1,500 4,800 Purchase 400 12 Purchase 400 14 5,600 2,400 14,300 Purchase 150 16 Total Units Available for sale 1,100 Additional Information: Total sales is 800 units. Price per unit sold is $30. Operational Expenses is $2,500. nstruction: 1. Find the units of the ending inventory. 2. Find the cost of ending inventory using: A. FIFO B. LIFO. C. Weighted Average. 3. Find the cost of sales using: A. FIFO. B. LIFO. C. Weighted Average.

Name: Data for Al-Riyadh Company for the year ending in 2020:(10 Marks)Date
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Description: Data for Al-Riyadh Company for the year ending in 2020:(10 Marks)DateExplanationBeginning InventoryJan 1UnitsUnit CostTotal Cost150April 20August 3Purchase101,5004,8005,6002,40014,300400Purchase1240014Dece15Purchase15016Total Units Available for sal

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 16E: Dollar-Value LIFO A company adopted the LIFO method when its inventory was 1,800. One year later its...

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