1). Compute ending inventory using FIFO and LIFO. In its first month of operations, Rusch rnCompany made...
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Question:
1). Compute ending inventory using FIFO and LIFO.
In its first month of operations, Rusch rnCompany made three purchases of merchandise in the following sequence:
(1) 300 units at $6,
(2) 400 units at $7, and
(3) 200 units at $8.
Assuming there are 450 pounds on hand, compute the cost of the ending inventory under the
(a) FIFO method and
(b) LIFO method.
Rusch uses a periodic inventory system.
2). Compute the ending inventory using average-cost.
Data for Rusch Company are presented in 1. Compute the cost of the ending inventory under the average-cost method, assuming there are 450 pounds on hand. (Round average cost per unit to nearest cent.)
Related Book For
Financial and managerial accounting
ISBN: 978-1118016114
1st edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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