Compute the cost to be assigned to ending inventary for each of the methods indicated given...
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Compute the cost to be assigned to ending inventary for each of the methods indicated given the fallowing information about purchases and sales during the year. (Do not round intermediate calculations. Round final answers to 0 decimal places, eg. 2,520.) January Beginning Inventory 105 items @ $4- $420 May 1 Purchases 400 items @ $9 3,600 Total Available 505 items $4,020 Total Sales 365 items December 31 Ending Inventory 140 Cost assigned on an average cost basis 1,154. Cost assigned on a FIFO basis 1260 Costs assigned on a LIFO basis 820 %24 %24 Compute the cost to be assigned to ending inventary for each of the methods indicated given the fallowing information about purchases and sales during the year. (Do not round intermediate calculations. Round final answers to 0 decimal places, eg. 2,520.) January Beginning Inventory 105 items @ $4- $420 May 1 Purchases 400 items @ $9 3,600 Total Available 505 items $4,020 Total Sales 365 items December 31 Ending Inventory 140 Cost assigned on an average cost basis 1,154. Cost assigned on a FIFO basis 1260 Costs assigned on a LIFO basis 820 %24 %24
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Answer rating: 100% (QA)
The ending inventory is calculated as follows a Average Cost ... View the full answer
Related Book For
Principles of Accounting
ISBN: 978-1133626985
12th edition
Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson
Posted Date:
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