Tyler Company has the following information related to purchases and sales of one of its inventory items. Date Description Units Purchased at Cost Units Sold at Retail Sept. 1 Beginning inventory 400 units @ $13 Sept. 10 Purchase 600 units @ $15 Sept. 20 Sales 690 units @ $26 Sept. 25 Purchase 700 units at $16 Assume the company uses a perpetual inventory system. Required: Calculate ending inventory and cost of goods sold using the FIFO, LIFO, and average cost methods. FIFO LIFO Avg Cost Cost of goods sold Ending inventony
Tyler Company has the following information related to purchases and sales of one of its inventory items. Date Description Units Purchased at Cost Units Sold at Retail Sept. 1 Beginning inventory 400 units @ $13 Sept. 10 Purchase 600 units @ $15 Sept. 20 Sales 690 units @ $26 Sept. 25 Purchase 700 units at $16 Assume the company uses a perpetual inventory system. Required: Calculate ending inventory and cost of goods sold using the FIFO, LIFO, and average cost methods. FIFO LIFO Avg Cost Cost of goods sold Ending inventony
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 67APSA: Inventory Costing Methods Andersons Department Store has the following data for inventory,...
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