Since Jim began selling inventory, he is also a little confused about using FIFO, LIFO, or...
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Since Jim began selling inventory, he is also a little confused about using FIFO, LIFO, or Weighted Average. Since he carries so little inventory, we decided to cost out his inventory for the month using FIFO, LIFO, and Weighted Average for the periodic system. This will give him an idea of method is best for tax purposes. Sep. 1 $10 Sep. 17 24 units @ 10 units @ $12 Sep. 30 12 units@ $13 At the end of September, Jim's Lawn Care has 14 units in ending inventory. Beginning Inventory Purchase Purchase Using the information above, calculate Jim's Lawn Care's ending inventory and cost of merchandise sold in all three methods (FIFO, LIFO, Weighted average) using a periodic inventory system. Since Jim began selling inventory, he is also a little confused about using FIFO, LIFO, or Weighted Average. Since he carries so little inventory, we decided to cost out his inventory for the month using FIFO, LIFO, and Weighted Average for the periodic system. This will give him an idea of method is best for tax purposes. Sep. 1 $10 Sep. 17 24 units @ 10 units @ $12 Sep. 30 12 units@ $13 At the end of September, Jim's Lawn Care has 14 units in ending inventory. Beginning Inventory Purchase Purchase Using the information above, calculate Jim's Lawn Care's ending inventory and cost of merchandise sold in all three methods (FIFO, LIFO, Weighted average) using a periodic inventory system.
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Answer rating: 100% (QA)
Using FIFO FirstIn FirstOut The 24 units from the beginning inventory are sold first Then 10 units are sold from the September 17 purchase leaving 2 u... View the full answer
Related Book For
Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
Posted Date:
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