PART 4 – Determine ending inventory and cost of goods sold under each of the 3 inventory costing methods. Date Transactions Units Unit Cost Total Cost June 1 Beginning inventory 16 $350 $ 5,600 June 7 Sale 11 June 12 Purchase 10 340 3,400 June 15 Sale 12 June 24 Purchase 10 330 3,300 June 27 Sale June 29 Purchase 9. 320 2,880 $15,180 1. Use the FIFO inventory costing method. Calculate BOTH the cost of goods sold and ending inventory amount. 2. Use the LIFO inventory costing method. Calculate BOTH the cost of goods sold and ending inventory amount. 3. Use the WEIGHTED AVERAGE inventory costing method. Calculate BOTH the cost of goods sold and ending inventory amount.
PART 4 – Determine ending inventory and cost of goods sold under each of the 3 inventory costing methods. Date Transactions Units Unit Cost Total Cost June 1 Beginning inventory 16 $350 $ 5,600 June 7 Sale 11 June 12 Purchase 10 340 3,400 June 15 Sale 12 June 24 Purchase 10 330 3,300 June 27 Sale June 29 Purchase 9. 320 2,880 $15,180 1. Use the FIFO inventory costing method. Calculate BOTH the cost of goods sold and ending inventory amount. 2. Use the LIFO inventory costing method. Calculate BOTH the cost of goods sold and ending inventory amount. 3. Use the WEIGHTED AVERAGE inventory costing method. Calculate BOTH the cost of goods sold and ending inventory amount.
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 32CE: ( Appendix 6B) Inventory Costing Methods: Periodic Average Cost Refer to the information for...
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