Question: Reports with inventory posting Exercise 1. FIFO, LIFO and weighted average Computadoras del Futuro made several purchases and sales in April. He had operating expenses
Reports with inventory posting
Exercise 1. FIFO, LIFO and weighted average
Computadoras del Futuro made several purchases and sales in April. He had operating expenses of $ 1,800.
Prepare three income statements: one using the FIFO method, another LIFO, and the other using the weighted average.
Calculate the cost of goods sold using the periodic inventory model.
Date Detail Quantity Unit cost
April 1 Starting Inventory 6 $ 72
6 Sale 4
8 Buy 11 84
13 Sale 5
15 Sale 3
19 Buy 20 109
21 Sale 8
22 Sale 2
27 Buy 10 90
30 Sale 6
Exercise 2. Periodic inventory
Using the periodic inventory method, compute the cost of goods sold for the following exercise:
Date Detail Quantity Unit cost
May 1 Starting Inventory 12 $ 112
6 Sale 6
8 Buy 18 103
13 Sell 8
30 Sale 4
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