Required: Determine the cost of goods sold for October under each of the following cost flow assumptions: FIFO Weighted average LIFO
Required: Determine the cost of goods sold for October under each of the following cost flow assumptions: FIFO Weighted average LIFO
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 3PEA: Beginning inventory, purchases, and sales for Item Zebra 9x are as follows: Assuming a perpetual...
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Opening and closing inventory balances and purchases for the month of October 2020 for Haadiyah Hearing Ltd are as follows:
|
Units |
Per unit |
Inventory, 1 October |
7,000 |
$4.00 |
Purchase, 3 October |
8,000 |
$4.10 |
Purchase, 15 October |
11,000 |
$4.20 |
Purchase, 20 October |
15,000 |
$4.25 |
Inventory, 31 October |
20,000 |
- |
Required:
Determine the cost of goods sold for October under each of the following cost flow assumptions:
- FIFO
- Weighted average
- LIFO
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