Dene Company uses a perpetual inventory system and reports the following inventory transactions for the month of
Question:
Dene Company uses a perpetual inventory system and reports the following inventory transactions for the month of July:
Instructions
a. Calculate the cost of goods sold and ending inventory under (1) FIFO and (2) weighted average. (Round the weighted average cost per unit to two decimal places.)
b. Which cost formula gives the higher ending inventory? Why?
c. Which cost formula results in the higher cost of goods sold? Why?
Ending InventoryThe 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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Step by Step Answer:
a 1 FIFO Purchases Cost of goods sold Inventory balance Date Units Cost Total Units Cost Total Units Cost Total July 1 Beginning inventory 150 500 750...View the full answer
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