Sherwood Company's inventory records for the most recent year contain the following data: Sherwood Company sold...
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Sherwood Company's inventory records for the most recent year contain the following data: Sherwood Company sold a total of 18,500 units during the year. Requirement 1. Using the average-cost method, compute the cost of goods sold and ending inventory for the year. Using the average-cost method, the cost of goods sold is and the ending inventory is $ Quantity Unit Cost Beginning inventory 8,000 $ 6.00 Purchases during year 12,000 $ 10.00 1. Using the average-cost method, compute the cost of goods sold and ending inventory for the year. 2. Using the FIFO method, compute the cost of goods sold and ending inventory for the year. 3. Using the LIFO method, compute the cost of goods sold and ending inventory for the year. Sherwood Company's inventory records for the most recent year contain the following data: Sherwood Company sold a total of 18,500 units during the year. Requirement 1. Using the average-cost method, compute the cost of goods sold and ending inventory for the year. Using the average-cost method, the cost of goods sold is and the ending inventory is $ Quantity Unit Cost Beginning inventory 8,000 $ 6.00 Purchases during year 12,000 $ 10.00 1. Using the average-cost method, compute the cost of goods sold and ending inventory for the year. 2. Using the FIFO method, compute the cost of goods sold and ending inventory for the year. 3. Using the LIFO method, compute the cost of goods sold and ending inventory for the year.
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Related Book For
Financial Accounting
ISBN: 978-0134725987
12th edition
Authors: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
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