From the following figures (A) calculate the closing stock in trade that would be shown using (i)FIFO (ii)LIFO (iii)AVCO methods on a PERIODIC inventory basis. (B)Then prepare an income statement using (i)FIFO (ii)LIFO (iii)AVCO methods. Bought Sold January 120 at $16each June 125 at $22 each April 80 at $18 each November 210 at $25 each October 150 at $19 each
From the following figures (A) calculate the closing stock in trade that would be shown using (i)FIFO (ii)LIFO (iii)AVCO methods on a PERIODIC inventory basis. (B)Then prepare an income statement using (i)FIFO (ii)LIFO (iii)AVCO methods. Bought Sold January 120 at $16each June 125 at $22 each April 80 at $18 each November 210 at $25 each October 150 at $19 each
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 2MC: The following items were included in Venicio Corporations inventory account on December 31, 2019:...
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From the following figures (A) calculate the closing stock in trade that would be shown using (i)FIFO (ii)LIFO (iii)AVCO methods on a PERIODIC inventory basis. (B)Then prepare an income statement using (i)FIFO (ii)LIFO (iii)AVCO methods.
Bought Sold
January 120 at $16each June 125 at $22 each
April 80 at $18 each November 210 at $25 each
October 150 at $19 each
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