Fire fox manufacturing has the following information in relations to commodity for July Inventory........july1.......20 units at birr50 Sales July 7. ........ 10 units July 18. ....... 10 units July 27........10 units Purchase July 3.........20 units at birr 51 July 20............15 units at birr 52 Required 1. The company used perpetual inventory system and LIFO costing, determine cost of goods sold and ending inventory? 2. If the company used periodic inventory system and FIFO costing method, determine cost of goods sold and ending inventory?

Fire fox manufacturing has the following information in relations to commodity for July Inventory........july1.......20 units at birr50 Sales July 7. ........ 10 units July 18. ....... 10 units July 27........10 units Purchase July 3.........20 units at birr 51 July 20............15 units at birr 52 Required 1. The company used perpetual inventory system and LIFO costing, determine cost of goods sold and ending inventory? 2. If the company used periodic inventory system and FIFO costing method, determine cost of goods sold and ending inventory?

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter12: Differential Analysis And Product Pricing

Section: Chapter Questions

Problem 12.16E: Product cost concept of product pricing Based on the data presented in Exercise 12-15, assume that...

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