The following is a record of Cannondale Companys transactions for Boston Teapots for the month of May
Question:
The following is a record of Cannondale Company’s transactions for Boston Teapots for the month of May 2012.
Instructions
(a) Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 510 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO?
(b) Assuming that perpetual records are maintained and they tie into the general ledger, calculate the ending inventory using (1) FIFO and (2) LIFO.
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a Since perpetual inventories are not maintained we need to determine the cost of goods sold for the ...View the full answer
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