Garrett Company has the following transactions during the months of April and May: Date April 1 17 25 28 May 5 Transaction Units Cost/Unit 18 Sale 22 Sale Balance Purchase Sale Purchase Purchase April May b. FIFO perpetual April The cost of the inventory on April 1 is $5, $4, and $2 per unit, respectively, under the FIFO, average, and LIFO cost flow assumptions. Required: May 500 200 150 100 250 300 50 1. Compute the inventories at the end of each month and the cost of goods sold for each month for the following alternatives: a. FIFO periodic Cost of Goods Sold Ending Inventory April May c. LIFO periodic $5.20 5.70 5.20 Cost of Goods Sold Ending Inventory Cost of Goods Sold Ending Inventory
Garrett Company has the following transactions during the months of April and May: Date April 1 17 25 28 May 5 Transaction Units Cost/Unit 18 Sale 22 Sale Balance Purchase Sale Purchase Purchase April May b. FIFO perpetual April The cost of the inventory on April 1 is $5, $4, and $2 per unit, respectively, under the FIFO, average, and LIFO cost flow assumptions. Required: May 500 200 150 100 250 300 50 1. Compute the inventories at the end of each month and the cost of goods sold for each month for the following alternatives: a. FIFO periodic Cost of Goods Sold Ending Inventory April May c. LIFO periodic $5.20 5.70 5.20 Cost of Goods Sold Ending Inventory Cost of Goods Sold Ending Inventory
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 11E: Alternative Inventory Methods Nevens Company uses a periodic inventory system. During November, the...
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