Moath Company reports the following for the month of June. Instructions a. Compute the cost of the

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Moath Company reports the following for the month of June.

Units Unit Cost Total Cost June 1 Inventory 200 $5 $1,000 12 Purchase 400 6. 2,400 23 Purchase 300 7 2,100 30 Inventory 100

Instructions

a. Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO and (2) LIFO.

b. Which costing method gives the higher ending inventory? Why?

c. Which method results in the higher cost of goods sold? Why?

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Accounting Principles

ISBN: 978-1119411482

13th edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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Question Posted: Jul 16, 2020 02:23 AM

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Moath Company reports the following for the month of June. Instructions a. Compute the cost of the

Question:

Units Unit Cost Total Cost June 1 Inventory 200 $5 $1,000 12 Purchase 400 6. 2,400 23 Purchase 300 7 2,100 30 Inventory 100

Step by Step Answer:

Inventory sold opening purchase closing 200 400300 100 800 units E67 A FIFO me...View the full answer

Accounting Principles

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