Answered: Monty Corp. reports the following for…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.11E: Inventory Costing Methods VanderMeer Inc. reported the following information for the month of...

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Monty Corp. reports the following for the month of June.

		Units	Unit Cost		Total Cost
June 1	Inventory	572		$3		$ 1,716
12	Purchase	1,144		8		9,152
23	Purchase	858		11		9,438
30	Inventory	286

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Compute the cost of the ending inventory and the cost of goods sold under FIFO and LIFO.

	FIFO	LIFO
Cost of the ending inventory	$enter a dollar amount	$enter a dollar amount
Cost of goods sold	$enter a dollar amount	$enter a dollar amount

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