DeForest Company had the following transactions for the month. Calculate the ending inventory dollar value for the
Question:
DeForest Company had the following transactions for the month.
Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations.
A. First-in, first-out (FIFO)
B. Last-in, first-out (LIFO)
C. Weighted average (AVG)
Transcribed Image Text:
Beginning inventory Purchased Apr. 30 Purchased Aug. 15 Purchased Dec. 10 Totals (goods available for sale) Ending inventory Number of Units 500 600 650 700 2,450 550 Cost per Unit $40 45 40 35 ? Total $20,000 27,000 26,000 24,500 97,500
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Concept Introduction FIFO First in first out In FIFO Method company issues that material first which ...View the full answer
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Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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