Business, 12.06.2020 00:57 misskylie2003
Compute the cost to be assigned to ending inv. for each of the methods indicated given the following information about purchases and sales during the year.
Jan. 1: Beginning Inv. 100 items at $7 = $700
May 1: Purchases 400 items at $8 = $3,200
Total Available 500 items $3,900
Total Sales 360 items
December 31: Ending Inv. 140 items
Find the Cost assigned to ending inv. on a FIFO, LIFO, and average cost basis
Find the Cost of Goods sold on a FIFO, LIFO, and average cost basis.
Answers: 2
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Compute the cost to be assigned to ending inv. for each of the methods indicated given the following...
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