a.) Use the data below to calculate the cost of merchandise sold using the FIFO method. 1
Question:
a.) Use the data below to calculate the cost of merchandise sold using the FIFO method.
1 September | Starting Inventory | 15 units @ $20 |
September 10 | acquisitions | 20 units @ $25 |
September 20 | acquisitions | 25 units @ $28 |
September 30 | Finish Inventory | 30 units |
b.)Use the following data to calculate the cost of stock removal under LIFO using the method.
1 September | Starting Inventory | 15 units @ $20 |
September 10 | acquisitions | 20 units @ $25 |
September 20 | acquisitions | 25 units @ $28 |
September 30 | Finish Inventory | 30 units |
c.) Use the following data to calculate the cost of end-of-period stocks using the Average Cost method.
1 September | Starting Inventory | 15 units @ $20 |
September 10 | acquisitions | 20 units @ $25 |
September 20 | acquisitions | 25 units @ $28 |
September 30 | Finish Inventory | 30 units |
Accounting
ISBN: 978-1337899451
27th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac