Beginning inventory, purchases, and sales data on Commodity A, as taken from Rich Company's perpetual inventory...
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Beginning inventory, purchases, and sales data on Commodity A, as taken from Rich Company's perpetual inventory account, were as follows: July 1 Beginning inventory 5 units @4 -$20 15 units $5 =$75 6 SALE 16 UNITS 10 PURCHASE 15 UNITS @S6 20 SALE 11 UNITS 30 PURCHASE 10 UNITS @S7 31 SALE 7 UNITS Determine the cost of the ending inventory at JULY 31, by: (a) the first- in-first- out method, and (b) the last-in- first- out method. Beginning inventory, purchases, and sales data on Commodity A, as taken from Rich Company's perpetual inventory account, were as follows: July 1 Beginning inventory 5 units @4 -$20 15 units $5 =$75 6 SALE 16 UNITS 10 PURCHASE 15 UNITS @S6 20 SALE 11 UNITS 30 PURCHASE 10 UNITS @S7 31 SALE 7 UNITS Determine the cost of the ending inventory at JULY 31, by: (a) the first- in-first- out method, and (b) the last-in- first- out method.
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Calculation of the ending inventory at 31st July a The First inFirst out method July 1st opening ... View the full answer
Related Book For
Accounting
ISBN: 978-1337899451
27th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
Posted Date:
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