Office Supply, Inc., had 300 calculators on hand at January 1, 20X1, costing $16 each. Purchases and
Question:
Office Supply, Inc., had 300 calculators on hand at January 1, 20X1, costing $16 each. Purchases and sales of calculators during the month of January were as follows:
Jessica does not maintain perpetual inventory records. According to a physical count, 200 calculators were on hand at January 31, 20X1.
Required:
1. What is the amount of ending inventory at January 31, 20X1, and cost of goods sold for the month ended January 31, 20X1, under the FIFO method?
2. What is the amount of ending inventory at January 31, 20X1, and cost of goods sold for the month ended January 31, 20X1, under the LIFO method?
3. What is the amount of ending inventory at January 31, 20X1, and cost of goods sold for the month ended January 31, 20X1, under the average cost method?
Step by Step Answer:
For all the cost flow assumptions we first compute Goods available for sale first Second we then compute Ending inventory based on the appropriate cos...View the full answer
Financial Reporting And Analysis
ISBN: 9781260247848
8th Edition
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
