Maxell Company uses a periodic inventory system. Consider the following information: Date June 2 Description January 1 Beginning inventory 42 July 6 Purchase Purchase # of units Cost per unit November 5 Sales 109 86 190 $10 $12 $13 Calculate the following: 1. Cost of Goods Sold and Ending Inventory using FIFO 2. Cost of Goods Sold and Ending Inventory using LIFO 3. Cost of Goods Sold and Ending Inventory using Weighted Average

Maxell Company uses a periodic inventory system. Consider the following information: Date June 2 Description January 1 Beginning inventory 42 July 6 Purchase Purchase # of units Cost per unit November 5 Sales 109 86 190 $10 $12 $13 Calculate the following: 1. Cost of Goods Sold and Ending Inventory using FIFO 2. Cost of Goods Sold and Ending Inventory using LIFO 3. Cost of Goods Sold and Ending Inventory using Weighted Average

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 67APSA: Inventory Costing Methods Andersons Department Store has the following data for inventory,...

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Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
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