Tran Company began operations on January 1, 2010. Purchases in 2010 were as follows: Units Cost/unit...
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Tran Company began operations on January 1, 2010. Purchases in 2010 were as follows: Units Cost/unit Date 1/1/10 2,000 6/24/10 3,000 10/4/10 3,000 7,000 units were sold during 2010 and Tran used the periodic LIFO inventory method. In 2011, Tran purchased the following units: Date 3/1/11 7/6/11 10/1/11 8,000 units were sold in 2011 Units $10 11 12 3,000 2,000 4,000 Cost/unit $13 14 16 Required: Calculate the Dec. 31, 2011 inventory using the Periodic LIFO method. Tran Company began operations on January 1, 2010. Purchases in 2010 were as follows: Units Cost/unit Date 1/1/10 2,000 6/24/10 3,000 10/4/10 3,000 7,000 units were sold during 2010 and Tran used the periodic LIFO inventory method. In 2011, Tran purchased the following units: Date 3/1/11 7/6/11 10/1/11 8,000 units were sold in 2011 Units $10 11 12 3,000 2,000 4,000 Cost/unit $13 14 16 Required: Calculate the Dec. 31, 2011 inventory using the Periodic LIFO method.
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To calculate the December 31 Units Sold 8000 Determine the cost of the units sold Using the periodic ... View the full answer
Related Book For
Accounting
ISBN: 978-1285743615
26th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
Posted Date:
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