The inventory records of Cushing Inc. reflected the following information for the year ended December 31, 2019:
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Question:
The inventory records of Cushing Inc. reflected the following information for the year ended December 31, 2019:
Number of Units | Unit Cost | Total Cost | |||||
Inventory, January 1 | 190 | $ | 13.0 | $ | 2,470 | ||
Purchases: | |||||||
May 30 | 320 | 15.0 | 4,800 | ||||
September 28 | 400 | 17.0 | 6,800 | ||||
Goods available for sale | 910 | $ | 14,070 | ||||
Sales: | |||||||
April 10 | (140 | ) | |||||
June 11 | (300 | ) | |||||
November 1 | (380 | ) | |||||
Inventory, December 31 | 90 | ||||||
Required:
a. Assume that Cushing, Inc., uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO.
b. Assume that Cushing, Inc., uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO.
Related Book For
Accounting What the Numbers Mean
ISBN: 978-1260565492
12th edition
Authors: David Marshall, Wayne McManus, Daniel Viele
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