Madison Outlet has the following inventory transactions for the year: + Date Transaction Number of Unites...
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Madison Outlet has the following inventory transactions for the year: + Date Transaction Number of Unites Unit Cost Total Cost Jan 1 Beginning 10 $200 $2,000 inventory Mar 14 Purchase 15 300 4,500 $6,500 Jan 1-Dec Total sales 12 500 6,000 31 to customers What amount would Madison report for Cost of Goods Sold and Ending Inventory using 1.FIFO, 2. LIFO and 3. Average Cost Flow assumption? Madison Outlet has the following inventory transactions for the year: + Date Transaction Number of Unites Unit Cost Total Cost Jan 1 Beginning 10 $200 $2,000 inventory Mar 14 Purchase 15 300 4,500 $6,500 Jan 1-Dec Total sales 12 500 6,000 31 to customers What amount would Madison report for Cost of Goods Sold and Ending Inventory using 1.FIFO, 2. LIFO and 3. Average Cost Flow assumption?
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Correct Answer is 3380 Solution Average Price under weighted average Periodical Method Unit... View the full answer
Related Book For
Financial Accounting
ISBN: 978-1259914898
5th edition
Authors: David Spiceland, Wayne M. Thomas, Don Herrmann
Posted Date:
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