Question: The following data relate to inventory for the year ended December

The following data relate to inventory for the year ended December 31, 2009. A physical inventory on December 31, 2009, indicates that 600 units are on hand and that they came from the July 1 purchase.


Required
Compute the cost of goods sold for the year ended December 31, 2009, and the ending inventory under the following cost assumptions:
a. First-in, first-out (FIFO)
b. Last-in, first-out (LIFO)
c. Average cost (weighted average)
d. Specificidentification
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  • CreatedJune 22, 2012
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