Information relating to Scott Company inventory during 2010 is given below COST OF GOODS AVAILABLE FOR SALE
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Question:
Information relating to Scott Company inventory during 2010 is given below
COST OF GOODS AVAILABLE FOR SALE
Date Explanation Units Unit Cost TotalCost
Jan. 1 Beginning inventory 100 $200 $20,000
Mar. 15 Purchase 300 224 67,200
July 20 Purchase 250 235 58,750
Sept. 4 Purchase 200 238 47,600
Dec. 2 Purchase 100 250 25,000
Total 950 $218,550
By year end, 700 units were sold. Scott Company uses a periodic inventory system.
Required:
Determine (1) the cost of the ending inventory and (2) the cost of goods sold under FIFO, and weighted average.
Related Book For
Fundamental Accounting Principles
ISBN: 978-0077862275
22nd edition
Authors: John Wild, Ken Shaw, Barbara Chiappetta
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