Required a. Assume that Chen uses the first-in, first-out method. Compute the cost of goods sold for 2012 and the ending inventory balance at December 31, 2012, for product A. b. Assume that Chen uses the last-in, first-out method. Compute the cost of goods sold for 2012 and the ending inventory balance at December 31, 2012, for product A. C. Assume that Chen uses the weighted-average cost method. Compute the cost of goods sold for 2012 and the ending inventory balance at December 31, 2012, for product A.
Required a. Assume that Chen uses the first-in, first-out method. Compute the cost of goods sold for 2012 and the ending inventory balance at December 31, 2012, for product A. b. Assume that Chen uses the last-in, first-out method. Compute the cost of goods sold for 2012 and the ending inventory balance at December 31, 2012, for product A. C. Assume that Chen uses the weighted-average cost method. Compute the cost of goods sold for 2012 and the ending inventory balance at December 31, 2012, for product A.
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 4PA: The beginning inventory for Funky Party Supplies and data on purchases and sales for a three-month...
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