Seneca Co. began year 2015 with 6,500 units of product in its January 1 inventory costing $35
Question:
Jan. 4 . . . . . . . . . . 11,500 units @ $33 each
May 18 . . . . . . . . 13,400 units @ $32 each
July 9 . . . . . . . . . . 11,000 units @ $29 each
Nov. 21 . . . . . . . . 7,600 units @ $27 each
Required
1. Compute the number and total cost of the units available for sale in year 2015.
2. Compute the amounts assigned to the 2015 ending inventory and the cost of goods sold using
(a) FIFO,
(b) LIFO,
(c) Weighted average. (Round all amounts to cents.)
Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...
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Related Book For
Fundamental Accounting Principles
ISBN: 978-0077862275
22nd edition
Authors: John Wild, Ken Shaw, Barbara Chiappetta
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