Lester Company sells many products. Hackenberry, is one of its popular items. Lester Company had the...
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Lester Company sells many products. Hackenberry, is one of its popular items. Lester Company had the following inventory purchases and sales of Hackenberty, for the month of March. Lester Company uses the periodic inventory system. Purchases Unit Cost Units 100 3/1 Beginning inventory Purchase $40 3/3 60 $50 200 3/10 3/30 Purchase $55 $60 Purchase 40 A physical count of inventory on March 31 revealed that there were 150 units remaining on hand. Using the FIFO method, compute 1) the value of the ending inventory: 2) the cost of goods sold: Using the LIF0 method, compute 1) the value of the ending inventory: 2) the cost of goods sold: Using the average cost method, compute 1) the value of the ending inventory: 2) the cost of goods sold: Lester Company sells many products. Hackenberry, is one of its popular items. Lester Company had the following inventory purchases and sales of Hackenberty, for the month of March. Lester Company uses the periodic inventory system. Purchases Unit Cost Units 100 3/1 Beginning inventory Purchase $40 3/3 60 $50 200 3/10 3/30 Purchase $55 $60 Purchase 40 A physical count of inventory on March 31 revealed that there were 150 units remaining on hand. Using the FIFO method, compute 1) the value of the ending inventory: 2) the cost of goods sold: Using the LIF0 method, compute 1) the value of the ending inventory: 2) the cost of goods sold: Using the average cost method, compute 1) the value of the ending inventory: 2) the cost of goods sold:
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ANSWER PART 1 Cost of goods available for sale beginning inventory 100units 40 4000 purchase on marc... View the full answer
Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
Posted Date:
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