In its first month of operation, Manifesto Corporation purchased the following inventory available for sale: Day...
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In its first month of operation, Manifesto Corporation purchased the following inventory available for sale: Day 1 Day 5 Day 9 Day 15 Total Ending Inventory Quantity Price per Uni 12,000 $ 20.00 4,000 $ 21.00 6,000 $ 22.00 23.00 Cost of Goods Sold The company sold 10,000 units during the first month. Required: Calculate the dollar value of cost of goods sold, ending inventory and goods available for sal for each of the following cost flow assumptions as list them in the box below. 8,000 $ Goods Available for Sale 30.000 LIFO FIFO Weighted Average In its first month of operation, Manifesto Corporation purchased the following inventory available for sale: Day 1 Day 5 Day 9 Day 15 Total Ending Inventory Quantity Price per Uni 12,000 $ 20.00 4,000 $ 21.00 6,000 $ 22.00 23.00 Cost of Goods Sold The company sold 10,000 units during the first month. Required: Calculate the dollar value of cost of goods sold, ending inventory and goods available for sal for each of the following cost flow assumptions as list them in the box below. 8,000 $ Goods Available for Sale 30.000 LIFO FIFO Weighted Average
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LIFO LastIn FirstOut In LIFO the most recently purchased inventory is sold first Calculation of the COGS using LIFO On Day 15 8000 units were purchase... View the full answer
Related Book For
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
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