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
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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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In the table below, fill 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 listed under cost of merchandise sold at two different costs, enter the
units that were purchased earliest first.
LIFO Cost Flow Assumption
Purchases
Cost of Mérchandise Sold
Merchandise Inventory
Date
Quảntity Unit Cost Total Cost
Quảntity
Unit Cost Total Cost
Quảntity
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
Transcribed Image Text:In the table below, fill 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 listed under cost of merchandise sold at two different costs, enter the units that were purchased earliest first. LIFO Cost Flow Assumption Purchases Cost of Mérchandise Sold Merchandise Inventory Date Quảntity Unit Cost Total Cost Quảntity Unit Cost Total Cost Quảntity 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
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