Wong Corporation reports the following beginning inventory and inventory purchases, Inventory balance at beginning of year...

  

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Wong Corporation reports the following beginning inventory and inventory purchases, Inventory balance at beginning of year Inventory purchased during the year. Cost of goods available for sale during the year... 400units @ $12 each $04,800 700 units @ $14 each 9,800 .............I... 100 units $14,600 Wong sells 600 of its inventory units during the year. Compute the cost of goods sold for the year and the inventory on the year-end balance sheet under the following inventory costing methods: a.FIFO b.LIFO c.Average Cost Wong Corporation reports the following beginning inventory and inventory purchases, Inventory balance at beginning of year Inventory purchased during the year. Cost of goods available for sale during the year... 400units @ $12 each $04,800 700 units @ $14 each 9,800 .............I... 100 units $14,600 Wong sells 600 of its inventory units during the year. Compute the cost of goods sold for the year and the inventory on the year-end balance sheet under the following inventory costing methods: a.FIFO b.LIFO c.Average Cost

Answer rating: 100% (QA)

a FIFO Sales 600 Cost of Goods sold 400 12 each 400 12 4800 200 14 each 20... View the full answer