Shown below is the activity for one of the products of Oman Shipping Company: January 1 balance, 80 units @ OR50 = OR4,000 (beginning Inventory) Purchases: January 18 40 units @ OR51 January 28 40 units @ OR52 Sales: January 12 30 units January 22 30 units January 31 45 units Required: Compute the ending inventory and cost of goods sold assuming Oman Shipping Company using 1. FIFO. 2. Average cost
Shown below is the activity for one of the products of Oman Shipping Company: January 1 balance, 80 units @ OR50 = OR4,000 (beginning Inventory) Purchases: January 18 40 units @ OR51 January 28 40 units @ OR52 Sales: January 12 30 units January 22 30 units January 31 45 units Required: Compute the ending inventory and cost of goods sold assuming Oman Shipping Company using 1. FIFO. 2. Average cost
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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Shown below is the activity for one of the products of Oman Shipping Company:
January 1 balance, 80 units @ OR50 = OR4,000 (beginning Inventory)
Purchases:
January 18 40 units @ OR51
January 28 40 units @ OR52
Sales:
January 12 30 units
January 22 30 units
January 31 45 units
Required: Compute the ending inventory and cost of goods sold assuming Oman Shipping Company using
1. FIFO.
2. Average cost
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