Date Activity #units cost/ea June 1 Beginning Inventory 5 $6 June 5 Purchased 12 7 June 10 Sold 10 units @$15 June 15 Purchased 12 8 June 25 Purchased 10 9 June 30 Sold 15 units @15 FIFO/ LIFO
Date Activity #units cost/ea June 1 Beginning Inventory 5 $6 June 5 Purchased 12 7 June 10 Sold 10 units @$15 June 15 Purchased 12 8 June 25 Purchased 10 9 June 30 Sold 15 units @15 FIFO/ LIFO
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Inventories
Section: Chapter Questions
Problem 6.7EX: FIFO and UFO costs under perpetual inventory system The following units of an item were available...
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Topic Video
Question
Date Activity #units cost/ea
June 1 Beginning Inventory 5 $6
June 5 Purchased 12 7
June 10 Sold 10 units @$15
June 15 Purchased 12 8
June 25 Purchased 10 9
June 30 Sold 15 units @15
FIFO/ LIFO
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