Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and
Question:
On January 14, Beech Soda, Inc. sold 22 units of this product. The other 24 units remained in inventory at January 31.
Assuming that Beech Soda uses the FIFO cost flow assumption, the cost of goods sold to be recorded at January 14 is:
Assuming that Beech Soda uses the LIFO cost flow assumption, the cost of goods sold to be recorded at January 14 is:
Assuming that Beech Soda uses the average cost flow assumption, the cost of goods sold to be recorded at January 14 is (round your intermediate calculation to one decimal place and final answer to the nearest cent):
Assuming that Beech Soda uses the FIFO cost flow assumption, the 24 units of this product in inventory at January 31 have a total cost of:
Assuming that Beech Soda uses the LIFO cost flow assumption, the 24 units of this product in inventory at January 31 have a total cost of:
Step by Step Answer:
Fundamental Accounting Principles
ISBN: 978-0071051507
Volume I, 14th Canadian Edition
Authors: Larson Kermit, Tilly Jensen