In its first month of operations, Bonita Industries made three purchases of merchandise in the following sequence:
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In its first month of operations, Bonita Industries made three purchases of merchandise in the following sequence: (1) 240 units at $9, (2) 340 units at $11, and (3) 440 units at $12. Assuming there are 140 units on hand at the end of the period, compute the cost of the ending inventory under (a) the FIFO method and (b) the LIFO method. Bonita Industries uses a periodic inventory system.
FIFO | LIFO | |||
---|---|---|---|---|
The Ending Inventory | $Enter a dollar amount | $Enter a dollar amount |
Related Book For
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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