You have the following inventory information for Duncan Inc. for the month ended June 30, 2012. Instructions:

Question:

You have the following inventory information for Duncan Inc. for the month ended June 30, 2012.

Instructions:
a. Assume that Duncan Inc. uses a periodic inventory system. Calculate the Cost of Goods Sold and Ending Inventory under FIFO and LIFO
b. Assume that Duncan Inc. uses a perpetual inventory system. Calculate the Cost of Goods Sold and Ending Inventory under FIFO andLIFO

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...

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Question Posted: May 23, 2013 05:24 AM

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You have the following inventory information for Duncan Inc. for the month ended June 30, 2012. Instructions:

Question:

Total Cost 0 Unit Cost Inventory, June 1 Purchases: 25 S 60.00 S1.500.00 4-Jun 18-Jun 28-Jun 85 35 20 165 S 63.00 S 5,355.00 S 66.00 S 2.310.00 S 70.00 S 1.400.00 S 10,565.00 Goods Available for Sale Sales: 10-Jun 25-Jun (60) Inventory, June 30

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a FIFO periodic cost of goods sold FIFO periodic ending inventory Ending inventory in units 50 Inven...View the full answer

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