Concept explainers
a.
Introduction:
Inventory is a record of finished goods of a company which they can sell to the customer, work in progress which can be transformed into finish goods and raw material which is a means of production. Inventory is also classified as a current asset in the balance sheet and it is valued by FIFO LIFO and weighted average method.
To determine: The number and the total cost of inventory units in stock for sale.
b.
Introduction:
Inventory is a record of finished goods of a company which the can sell to the customer, work in progress which can be transform into finish good and raw material which is a means of production. Inventory is also classified as current asset in the balance sheet and it is valued by FIFO, LIFO, LCM and weighted average method.
To determine: The total cost of goods using weighted average method.
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Loose Leaf for Financial Accounting: Information for Decisions
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