Company A's transactions for the year ended 31 December 2006 were as follows: Inventory on hand...

 

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Company A's transactions for the year ended 31 December 2006 were as follows: Inventory on hand 1/1/06 January - April purchases January - April sales May-August purchases May - August sales September - December purchases September - December sales Total number of units purchased Total number of units sold Units 60 90 (40) 55 (45) 60 (75) 205 (160) Unit cost $75 $60 $45 $30 $9,675 Unit selling price $130 $100 $60 $14,200 Calculate cost of sales and closing inventory under the following cost follow assumptions: 1. FIFO 2. Weighted average 3. LIFO. Company A's transactions for the year ended 31 December 2006 were as follows: Inventory on hand 1/1/06 January - April purchases January - April sales May-August purchases May - August sales September - December purchases September - December sales Total number of units purchased Total number of units sold Units 60 90 (40) 55 (45) 60 (75) 205 (160) Unit cost $75 $60 $45 $30 $9,675 Unit selling price $130 $100 $60 $14,200 Calculate cost of sales and closing inventory under the following cost follow assumptions: 1. FIFO 2. Weighted average 3. LIFO.

Answer rating: 100% (QA)

FIFO FirstInFirstOut Calculate cost of sales Units sold in January April 40 units at 75 each from be... View the full answer