A corporation uses the periodic inventory system. On December 31, 2022, the accounting records the following inventory:
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A corporation uses the periodic inventory system. On December 31, 2022, the accounting records the following inventory:
Transactions | Units | Unit Cost |
Beginning inventory, Jan. 1 | 400 | 300 |
Transaction during the year | ||
| 300 | 340 |
| 460 | 400 |
| (160) |
Compute the ending inventory and cost of goods sold at Dec. 31, 2022 using costing method and round to the nearest peso:
a. Average cost
b. First-in, first-out
c. Last-in, last-out
Related Book For
Financial Accounting
ISBN: 978-0078025556
8th edition
Authors: Robert Libby, Patricia Libby, Daniel Short
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