Inventory data for the month of January, 2020 for Cornwall Company were as follows: Units Unit Cost
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Question:
Inventory data for the month of January, 2020 for Cornwall Company were as follows:
Units | Unit | ||
Cost | |||
Jan 1 | Beginning inventory | 400 | $3.00 |
Jan 6 | Purchase #1 | 800 | $3.10 |
Jan 8 | Sale #1 | 1,000 | |
Jan 18 | Purchase #2 | 800 | $3.20 |
Jan 20 | Sale #2 | 600 |
Compute:
- ending inventory under FIFO; (2 marks)
- cost of goods sold under a weighted average periodic system (3 marks); and
- ending inventory under a moving average perpetual system (3 marks).
Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
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