The following units of an inventory item were available for sale during the month of June:...

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The following units of an inventory item were available for sale during the month of June: June 1 Beginning inventory 100 units at Ss55 June 3 Sold 35 units June 10 purchased 250 June 13 Sold 175 units units at S60 June 20 purchased 30 June 28 sold 80 units units at $65 The firm uses the perpetual inventory system. Items were sold for $80 cach Using FIFO OR LIFO method determine CCOGS, Ending Inventory, and profit 2 Answer the following questions 20 points . Which of the following methods is appropriate for a business whose inventory consists of a relatively small number of unique, high-cost items? Which are the two most widely used methods for determining the cost of inventory? During a period of consistently rising prices, which method of inventory will result in reporting the greatest cost of merchandise sold? Why? - Which method has the ending inventory made up of the oldest purchases at the end of a period? .If merchandise inventory is being valued at cost and the price level is steadily rising, which method of costing will yield the highest net? Why? CHART PURCHASES COST OF GOODS SOLD BALANCE Date funits cost total units cost total Units Cost Totals 800-9:00 The following units of an inventory item were available for sale during the month of June: June 1 Beginning inventory 100 units at Ss55 June 3 Sold 35 units June 10 purchased 250 June 13 Sold 175 units units at S60 June 20 purchased 30 June 28 sold 80 units units at $65 The firm uses the perpetual inventory system. Items were sold for $80 cach Using FIFO OR LIFO method determine CCOGS, Ending Inventory, and profit 2 Answer the following questions 20 points . Which of the following methods is appropriate for a business whose inventory consists of a relatively small number of unique, high-cost items? Which are the two most widely used methods for determining the cost of inventory? During a period of consistently rising prices, which method of inventory will result in reporting the greatest cost of merchandise sold? Why? - Which method has the ending inventory made up of the oldest purchases at the end of a period? .If merchandise inventory is being valued at cost and the price level is steadily rising, which method of costing will yield the highest net? Why? CHART PURCHASES COST OF GOODS SOLD BALANCE Date funits cost total units cost total Units Cost Totals 800-9:00

Answer rating: 100% (QA)

1 Using FIFO or LIFO calculate the cost of goods sold ending inventory and profit FIFO method Firstinfirstout abbreviated as FIFO is a common method of valuing inventory that assumes the oldest items ... View the full answer