Explanation Sept. 1 Beginning inventory 16 Purchases Units Unit costs Total Cost $50 Date $800 Sept. 5 50 42 2,100 Sept. 16 Purchases Sept. 27 Purchases 50 1,950 1,295 39 35 37
Explanation Sept. 1 Beginning inventory 16 Purchases Units Unit costs Total Cost $50 Date $800 Sept. 5 50 42 2,100 Sept. 16 Purchases Sept. 27 Purchases 50 1,950 1,295 39 35 37
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 16MCQ: ( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory...
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Question : Alhekema Company uses the periodic inventory system to account for inventories. It reports display the following for the month of September, which 95 units were sold.
Instructions:
a) Determine the ending inventory and the cost of goods sold using: FIFO method ، LIFO method، Average-cost method b) For the current year, the management of Alhekema Company asks your help in identifying which method produce higher income taxes.
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