Larkspur, Inc uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 130 $5 $ 650 12 Purchase 340 6 2,040 23 Purchase 200 7 1,400 30 Inventory 203 (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round per unit cost to 3 decimal places, eg. 15.647 and final answers to 0 decimal places, eg. 5,125.)
Larkspur, Inc uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 130 $5 $ 650 12 Purchase 340 6 2,040 23 Purchase 200 7 1,400 30 Inventory 203 (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round per unit cost to 3 decimal places, eg. 15.647 and final answers to 0 decimal places, eg. 5,125.)
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11E: Alternative Inventory Methods Nevens Company uses a periodic inventory system. During November, the...
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