Question

Suggs Company sells coffee makers used in business offices. Its beginning inventory of coffee makers was 400 units at $50 per unit. During the year, Suggs made two batch purchases of coffee makers. The first was a 500-unit purchase at $55 per unit; the second was a 600-unit purchase at $58 per unit. During the period, Suggs sold 1,200 coffee makers.

Required
Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Suggs uses
a. FIFO.
b. LIFO.
c. Weighted average.



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  • CreatedOctober 26, 2013
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