. The inventory records of Liz Corporation reflected the following information for the month of August: Date...
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Question:
. The inventory records of Liz Corporation reflected the following information for the month of August:
Date | Transaction | Number of Units | Unit Cost |
8/1 | Beginning inventory | 400 | $10 |
8/3 | Purchase No. 1 | 600 | $10 |
8/5 | Sale No. 1 | 500 | |
817 | Sale No. 2 | 200 | |
8/11 | Purchase No. 2 | 800 | $12 |
8/17 | Sale No. 3 | 900 | |
8/19 | Purchase No. 3 | 1500 | $11 |
8/21 | Sale No. 4 | 800 | |
8/28 | Sale No. 5 | 500 | |
8/29 | Purchase No. 4 | 900 | $10 |
8/30 | Ending inventory |
Required:
Determine the amount of the ending inventory and cost of goods sold under each of the following methods assuming the periodic inventory system.
Method | Inventory | Cost of Goods | ||
Weighted-average | $ | $ | ||
FIFO | $ | $ |
Related Book For
Accounting What the Numbers Mean
ISBN: 978-0078025297
10th edition
Authors: David H. Marshall, Wayne W. McManus, Daniel F. Viele
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