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(613 Computing Cost of Goods Sold and Ending Inventory Uinder FIFo, LIFO, and Average Cost Computing Cost of Goods Sold and Ending Inventory Under 16- Assume that Madden Company reports the following

(613 Computing Cost of Goods Sold and Ending Inventory Uinder FIFo, LIFO, and Average Cost
Computing Cost of Goods Sold and Ending Inventory Under
16-
Assume that Madden Company reports the following initial balance and subsequent purcha
inventorv.
Inventory balance at beginning of year ......1,300 units$150 each $195,000
Inventory purchased during the year 1,700 units $180 each 306,000
Cost of goods available for sale during the year..... 3,000 units
$501,000
Assume that 2,000 units are sold during the year. Compute the cost of goods sold for the year and th
inventory on the year-end balance sheet under the following inventory costing methods:
a. FIFO
b. LIFO
c. Average Cost
M6-14. Computing Cost of Goods Sold and Ending Inventory Under FIFO, LIFO, and Average Cos
Wong Corporation reports the following beginning inventory and inventory purchases.
400 units $12 each 4,800
Inventory balance at beginning of year .
Inventory purchased during the year 700 units@$14 each
Cost of goods available for sale during the year .....1,100 units
9,800
$14,600
Wong sells 600 of its inventory units during the year. Compute the cost of goods sold for the year
the inventory on the year-end balance sheet under the following inventory costing methods:
and

Sep 03 2020 Read more Less More

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