Tyler Company has the following information related to purchases and sales of one of its inventory items. Date Description Units Purchased at Cost Units Sold at Retail Sept. 1 Beginning inventory 400 units @ $18 10 Purchase 600 units @ $20 20 Sales 650 units @ $34 25 Purchase 900 units at $21 Assume Tyler uses a perpetual inventory system. Required: Calculate ending inventory and cost of goods sold using the FIFO, LIFO, and average cost methods. FIFO Avg Cost LIFO Cost of $ $ $ goods 12,200 V X X sold Ending $ $ $ Inventory 25,900 V x X
Tyler Company has the following information related to purchases and sales of one of its inventory items. Date Description Units Purchased at Cost Units Sold at Retail Sept. 1 Beginning inventory 400 units @ $18 10 Purchase 600 units @ $20 20 Sales 650 units @ $34 25 Purchase 900 units at $21 Assume Tyler uses a perpetual inventory system. Required: Calculate ending inventory and cost of goods sold using the FIFO, LIFO, and average cost methods. FIFO Avg Cost LIFO Cost of $ $ $ goods 12,200 V X X sold Ending $ $ $ Inventory 25,900 V x X
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.24MCE
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