Inventory A) FIFO (B) LIFO. (C) weighted average. (Dy speeifie identifieationd (

Question

Inventory A) FIFO (B) LIFO. (C) weighted average. (Dy speeifie identifieationd (E) periodic the journal entry for a sale ceuld inelude (A) debiting Accounts R system of Invenmtory, (C) debiring Cost of Goods Sold and erediting (E A &ory; (D) debiting Costina Section C Dinections. The Henzel 30 were as follows Company's beginning inventory and purchases during the fiscal year em of Unit Total units. Price -Cost -- $40.00 S 240,000 July 1 Sept. 15 First purchase Dec. 5 Second purchase Mar. 9 Third purchase 6,000 14,000 28,000 19,000 Beginning inventory S2.25 731,500 58.00 1.624.000 63.50 1,206,500 There are 2,000 units of inventory on hand on June 30, 20 Of these, 1,000 were part of th beginning inventory, 600 were part of the Dec. 5 purchase, and the rest were from the Mar Calculate the total to be assigned to ending inventory under the LIFO and specific identifica Show your work (20 poits) 1. LIFO 2. SPECIFIC IDENTIFICATION Cengage Icaning All Righs Resened. May not be scaned, copiod or duplicated, or postad to a pubidy

Explanation / Answer

LIFO 2000*40 80000 Specific Identification 1000*40 40000 600*58 34800 400*63.5 25400 100200

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