Intermediate Accounting (2nd Edition)
2nd Edition
ISBN: 9780134730370
Author: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Publisher: PEARSON
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Textbook Question
Chapter 10, Problem 10.3E
Moving Average, FIFO, LIFO. Zoola, Inc. provided the following information regarding its inventory for the current year, its second year of operations.
Transaction | Units | Unit Cost |
Beginning inventory 1/1 | 3,000 | $17.00 |
Purchases. January 23 | 4,500 | 16.00 |
Purchases. February 14 | 1,200 | 16.50 |
Purchases. March 17 | 2,300 | 17.00 |
Units sold - April 13 at $20 | 9,600 | |
Purchases. May 5 | 5,600 | 15.00 |
Purchases. July 4 | 3,200 | 16.00 |
Units sold - October 31 at $19 | 8,700 | |
Purchases. November 22 | 1,400 | 15.00 |
Compute Zoola’s ending inventory and cost of goods sold under each of the following cost-flow methods assuming that the company uses a perpetual inventory system (round your answer for cost per unit to two decimal places)
Required
- a. Moving Average
- b. FIFO
- c. LIFO
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Intermediate Accounting (2nd Edition)
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