The inventory data for an item for November are: Nov 1 Beginning inventory: 20 u

Question

The inventory data for an item for November are:

Nov 1 Beginning inventory: 20 units at $60

Nov 4 Sold: 10 units

Nov 10 Purchased: 30 units at $63

Nov 17 Sold: 20 units

Nov 30 Purchased: 10 units at $66

A. Using the perpetual inventory system, costing by the FIFO method, what is the cost of the merchandise inventory of 30 units on November 30th?

B. Using the perpetual inventory system, costing by the average cost method, what is the cost of the merchandise inventory of 30 units on November 30th?

Explanation / Answer

Under FIFO Method Closing Inventory 30 Units 10 units @ 66 660 20 units @ 63 1260 Inventory 1920

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