Aiello, Inc. had the following inventory in fiscal 2016. Compute the company's ending inventory for fiscal...
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Aiello, Inc. had the following inventory in fiscal 2016. Compute the company's ending inventory for fiscal 2016 assuming the company used a) FIFO and b) LIFO methods of accounting for inventory: Beginning Inventory, January 1, 2016: 1,000 units @$15.00 Purchase 700 units @ $18.00 Purchase 300 units @ $13.50 Purchase 500 units @ $15.75 Sold 1,185 units in fiscal 2016 at $35 per unit. a) Ending Inventory under FIFO%3D b) Ending Inventory under LIFO = Aiello, Inc. had the following inventory in fiscal 2016. Compute the company's ending inventory for fiscal 2016 assuming the company used a) FIFO and b) LIFO methods of accounting for inventory: Beginning Inventory, January 1, 2016: 1,000 units @$15.00 Purchase 700 units @ $18.00 Purchase 300 units @ $13.50 Purchase 500 units @ $15.75 Sold 1,185 units in fiscal 2016 at $35 per unit. a) Ending Inventory under FIFO%3D b) Ending Inventory under LIFO =
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Financial Accounting
ISBN: 978-0134725987
12th edition
Authors: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
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