June 1 Purchased 1 unit for $70 June 5 Purchased 1 more unit for $80 June 10 Purchased 1 more unit for $85 June 15 Purchased 1 more unit for $90) FIFO June 20 Sold 2 units for $100 per unit for total sales of $200 What is the ending inventory under FFO What is the ending inventory under UFO? LIFO What is the ending inventory under average cast? Assume that using specific identification, you can identify that the unit's sold were the one purchased on June 5 and the one purchased on June 15, What is the ending inventory under specific identification? JUAN NON
June 1 Purchased 1 unit for $70 June 5 Purchased 1 more unit for $80 June 10 Purchased 1 more unit for $85 June 15 Purchased 1 more unit for $90) FIFO June 20 Sold 2 units for $100 per unit for total sales of $200 What is the ending inventory under FFO What is the ending inventory under UFO? LIFO What is the ending inventory under average cast? Assume that using specific identification, you can identify that the unit's sold were the one purchased on June 5 and the one purchased on June 15, What is the ending inventory under specific identification? JUAN NON
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 14RE: On January 1 of Year 1, Dorso Company adopted the dollar-value LIFO method of inventory costing....
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