Harry Gryffindor incorporated Harry's Pottery on March 1, 20x7. Harry's Pottery is a merchandising company located in Hogwarts Station, MD. During his first month of operations Harry reported the following data related to his purchases for his only product In addition, Harry made one sale on March 15 when he sold 28 customized cauldrons to Rowens Ravenclaw for $50 each Purchases on March 7 Purchases on March 14 Purchases on March 21 18 units 32 units $20.00 cost $30.00 cost 28 units@ $36.00 cust Harry Gryffindor made one sale on March 15 when he sold 28 customized cauldrons to Rowena Ravenclaw for $50 each Assuming that Harry uses a perpetual inventory system, use the information provided above to calculate ending inventory on March 30 if Harry uses LIFO to assign costs to inventory.
Harry Gryffindor incorporated Harry's Pottery on March 1, 20x7. Harry's Pottery is a merchandising company located in Hogwarts Station, MD. During his first month of operations Harry reported the following data related to his purchases for his only product In addition, Harry made one sale on March 15 when he sold 28 customized cauldrons to Rowens Ravenclaw for $50 each Purchases on March 7 Purchases on March 14 Purchases on March 21 18 units 32 units $20.00 cost $30.00 cost 28 units@ $36.00 cust Harry Gryffindor made one sale on March 15 when he sold 28 customized cauldrons to Rowena Ravenclaw for $50 each Assuming that Harry uses a perpetual inventory system, use the information provided above to calculate ending inventory on March 30 if Harry uses LIFO to assign costs to inventory.
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 4CP: Golden Eagle Company began operations on April 1 by selling a single product. Data on purchases and...
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