Inventory data for Kiser Company are presented in E6-7. Instructions (a) Calculate the cost of the ending
Question:
Inventory data for Kiser Company are presented in E6-7.
Instructions
(a) Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 430 units occurred on June 15 for a selling price of $8 and a sale of 370 units on June 27 for $9.
(b) How do the results differ from E6-7?
(c) Why is the average unit cost not $6 [($5 + $6 + $7) ÷ 3 = $6]?
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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a Ending inventory 1400 Cost of goods sold 4975 Ending inventory 1260 Cost of good...View the full answer
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Related Book For 
Financial Accounting Tools for Business Decision Making
ISBN: 978-0470239803
5th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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