retailers as well as customers. The following transactions occurred during the last month of 2016: Dec. 01:
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retailers as well as customers. The following transactions occurred during the last month of 2016:
Dec. 01: 800 units on hand @ $40 each.
Dec. 08: 600 units sold @ $76 each.
Dec. 14: 1,200 units purchased @ $50 each.
Dec. 18: 1,080 units sold @ $76 each.
Dec. 30: 800 units purchased @ $60 each.
Required: Assuming the Alpha merchandising company uses periodic inventory method, compute the cost of inventory on hand at December 31, 2016, under the following cost flow assumptions:
(a). First in, first-out (FIFO)
(b). Last in, first-out (LIFO)
Expert Answer:
Given The transactions occurred during December 2016 Dec 1 800 units on hand 40 each Dec 8 600 units ... View the full answer
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