Weygandt, Financial Accounting, 10e Assignment Gradebook ORION Downloadable eTex

Question

Weygandt, Financial Accounting, 10e Assignment Gradebook ORION Downloadable eTextbook Question1 Pina Colada Corp. reports the following for the month of June. Units Unit Cost Total Cost June 1 Inventory 400 12 Purchase 800 23 Purchase 600 30 Inventory 200 $1,600 5,600 7,200 $4 12 x Your answer is incorrect. Try again. Compute the cost of the ending inventory and the cost of goods sold under FIFO and LIFO. FIFO LIFO Cost of the ending inventory Cost of goods sold LINK TO TEXT VIDEO: SIMIU [V] Your answer is correct. All Rights Reserved. A Division of John Wley & Sons. Ins

Explanation / Answer

Calculate cost of ending inventory and cost of goods sold :

FIFO LIFO Cost of ending inventory 200*12=2400 200*4=800 Cost of goods sold (14400-2400)=12000 (14400-800) = 13600

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