veygand, Accolining Prinaples, 12e Gradebook ORIONDownloadable eTextbook ent Exe

Question

veygand, Accolining Prinaples, 12e Gradebook ORIONDownloadable eTextbook ent Exercise 6-6 Moath Company uses a periodic system reports the following for the month of June. Units Unit Cost Total Cost June 1 Inventory 508 12 Purchase 1,016 23 Purchase 762 30 Inventory254 $6 9 12 $3,048 9,144 9,144 Compute the cost of the ending inventory and the cost of goods sold under FIFO and LIFO. FIFO LIFO Cost of the ending inventorys Cost of goods sold LINK TO TEXT Which costing method gives the higher ending inventory? LINK TO TEX All Rights Reserved A Divison or 0

Explanation / Answer

Cost of goods available = 3048+9144+9144= 21336 FIFO LIFO Cost of ending inventory 3048 =254*12 1524 =254*6 Cost of goods sold 18288 =21336-3048 19812 =21336-1524 FIFO gives higher ending inevntory

Related Questions

Navigate

• Browse (All)
• Browse V
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.