In the table below, il in the March 24 quantity, unit cost, and total cost in the spaces provided for determining Cost of Merchandise Sold (COMS) and Merchandise Inventory under the LIFO cost flow assumption, assuming 31 shoes are sold on March 24. Determine the COMS and Merchandise inventory final balances. If units are in inventory or are isted under cost of merchandise sold at two different costs, enter the units that were purchased earliest first. LIFO Cost Flow Assumption Purchases Cost of Merchandise Sold Merchandise Inventory Date Quảntity Unit Cost Total Cost Quảntity Unit Cost Total Cost Quantity Unit Cost Total Cost Mar 1 26 35 910 26 35 910 19 35 $665 35 245 11 35 48 1680 35 245 35 45 1680 24 31 Balances
In the table below, il in the March 24 quantity, unit cost, and total cost in the spaces provided for determining Cost of Merchandise Sold (COMS) and Merchandise Inventory under the LIFO cost flow assumption, assuming 31 shoes are sold on March 24. Determine the COMS and Merchandise inventory final balances. If units are in inventory or are isted under cost of merchandise sold at two different costs, enter the units that were purchased earliest first. LIFO Cost Flow Assumption Purchases Cost of Merchandise Sold Merchandise Inventory Date Quảntity Unit Cost Total Cost Quảntity Unit Cost Total Cost Quantity Unit Cost Total Cost Mar 1 26 35 910 26 35 910 19 35 $665 35 245 11 35 48 1680 35 245 35 45 1680 24 31 Balances
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 6PA: Data on the physical inventory of Ashwood Products Company as of December 31 follow: Quantity and...
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