ACCT 105-A company began an accounting period with 100 units
by | Mar 18, 2020 | Uncategorized
A company began an accounting period with 100 units of an item that cost $7.50 each. During the period it purchased 400 units of the item at $9 each and it sold 390 units. Below, give the costs assigned to the ending inventory and to goods sold under each of the three assumptions using periodic inventory procedures.
The costs were assigned on a LIFO basis Ending Inventory? Costs of goods sold?
The costs were assigned on a weighted-average cost basis Ending Inventory? Costs of goods sold?
Costs were assigned on a FIFO basis Ending Inventory? Costs of goods sold?
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