The units of an item available for sale during the year were as follows: There are 73
Question:
The units of an item available for sale during the year were as follows:
There are 73 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using
(a) The first-in, first-out (FIFO) method;
(b) The last-in, first-out (LIFO) method; and
(c) The weighted average cost method.
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In this problem we have to value the closing stock by 3 different methods 1FIFO 2LIFO 3Weighted Aver...View the full answer
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SHIVKUMAR RP
I am a qualified Chartered Accountant by profession with a long career in corporate sector. I have been involved in mentoring my juniors teaching various aspects of accounting for 20 years. Besides that, I have taught many students at college at my house. I have worked with various types of companies like textile company, shipping company, stock broker company and steel manufacturing company. I have been involved in every aspect of accounting from data entry to finalisation. Besides that, I have being involved in income tax calculation of corporate company and individuals. Besides that, I have been involved in working and filing of indirect taxes , like VAT(value added tax ) and GST, (goods and services tax) for more than a decade for a Rs 600 crore company in India.
I have also involved in assessments with both direct and indirect tax authorities in India.
Due to my practical experience, I will be able to explain to students in a better way.
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Related Book For 
Accounting
ISBN: 9781337902687
28th Edition
Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider
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