FIFO, LIFO and weighted average Computadoras del Futuro made several purchases and sales in April. He had
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FIFO, LIFO and weighted average Computadoras del Futuro made several purchases and sales in April. He had operating expenses of $ 1,800. to. Prepare three income statements: one using the FIFO method, another LIFO, and the other using the weighted average. The merchandise was sold for $ 200 each. b. Calculate the cost of goods sold using the periodic inventory model.
Date | Detail | Quantity | (unit cost) |
April 1 | Initial inventory | 6 | $72 |
6 | Sale | 4 | |
8 | Purchase | 11 | 84 |
13 | Sale | 5 | |
15 | Sale | 3 | |
19 | Purchase | 20 | 109 |
21 | Sale | 8 | |
22 | Sale | 2 | |
27 | Purchase | 10 | 90 |
30 | Sale | 6 |
Related Book For
Fundamental Accounting Principles Volume II
ISBN: 978-1260305838
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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