Monroe Manufacturing, Inc. reported the following information related to inventory, which sells for $20 per unit: Beginning inventory: 3,000 units at $3 unit cost Purchase 1: 4,000 units at $4 unit cost Purchase 2: 5,000 units at $5 unit cost At the end of the period, the company has 4,000 units in ending inventory. Compute the cost of goods sold and ending inventory using the following methods: Weighted Average, FIFO, and LIFO methods.
Monroe Manufacturing, Inc. reported the following information related to inventory, which sells for $20 per unit: Beginning inventory: 3,000 units at $3 unit cost Purchase 1: 4,000 units at $4 unit cost Purchase 2: 5,000 units at $5 unit cost At the end of the period, the company has 4,000 units in ending inventory. Compute the cost of goods sold and ending inventory using the following methods: Weighted Average, FIFO, and LIFO methods.
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 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...
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Transcribed Image Text:Monroe Manufacturing, Inc. reported the following information related to inventory, which sells for $20 per unit:
Beginning inventory: 3,000 units at $3 unit cost
Purchase 1: 4,000 units at $4 unit cost
Purchase 2: 5,000 units at $5 unit cost
At the end of the period, the company has 4,000 units in ending inventory. Compute the cost of goods sold and ending
inventory using the following methods: Weighted Average, FIFO, and LIFO methods.
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Step 1: FIFO and LIFO and weighted average method of Inventory Valuation Method
VIEWStep 2: Calculation of cost of goods sold and ending inventory cost as weighted average method
VIEWStep 3: Calculation of cost of goods sold and ending inventory cost as FIFO method
VIEWStep 4: Calculation of cost of goods sold and ending inventory cost as LIFO method
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