On 1st October, the Opening Inventory balance of a product is 150 units @ 15 per unit. Using the Last-In, First-Out (LIFO) method of Inventory valuation, find the value of Cost of Goods Sold and Ending Inventory as on 31st October if the following transactions took place during the month. Date Transaction details Number of Units Price per Unit ($) 6-Oct Purchases 100 12.00 11-Oct Purchases 150 14.00 17-Oct Purchases 185 16.00 19-Oct Sales 350 23.00 29-Oct Purchases 100 11.00 Cost of Goods Sold = $ 5,240 ; Ending Inventory = $ 3,470 Cost of Goods Sold = $ 5,420 ; Ending Inventory = $ 7,340 O Cost of Goods Sold = $ 5,240 ; Ending Inventory = $ 4,370 Cost of Goods Sold = $ 5,420 ; Ending Inventory = $ 4,370

On 1st October, the Opening Inventory balance of a product is 150 units @ 15 per unit. Using the Last-In, First-Out (LIFO) method of Inventory valuation, find the value of Cost of Goods Sold and Ending Inventory as on 31st October if the following transactions took place during the month. Date Transaction details Number of Units Price per Unit ($) 6-Oct Purchases 100 12.00 11-Oct Purchases 150 14.00 17-Oct Purchases 185 16.00 19-Oct Sales 350 23.00 29-Oct Purchases 100 11.00 Cost of Goods Sold = $ 5,240 ; Ending Inventory = $ 3,470 Cost of Goods Sold = $ 5,420 ; Ending Inventory = $ 7,340 O Cost of Goods Sold = $ 5,240 ; Ending Inventory = $ 4,370 Cost of Goods Sold = $ 5,420 ; Ending Inventory = $ 4,370

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Description: On 1st October, the Opening Inventory balance of a product is 150 units @ 15 per unit. Using theLast-In, First-Out (LIFO) method of Inventory valuation, find the value of Cost of Goods Sold andEnding Inventory as on 31st October if the following tra

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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