Question

Dugan Sales had the following transactions for jackets in 2014, its first year of operations:


During the year, Dugan Sales sold 830 jackets for $40 each.

Required
a. Compute the amount of ending inventory Dugan would report on the balance sheet, assuming the following cost flow assumptions:
(1) FIFO,
(2) LIFO,
(3) Weighted average.
b. Compute the difference in gross margin between the FIFO and LIFO cost flowassumptions.


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  • CreatedMay 22, 2014
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