June 1 Purchased 1 unit for $70 June 5 Purchased 1 more unit for $80 June 10 Purchased 1 more unit for $85 June 15 Purchased 1 more unit for $90) FIFO June 20 Sold 2 units for $100 per unit for total sales of $200 What is the ending inventory under FFO What is the ending inventory under UFO? LIFO What is the ending inventory under average cast? Assume that using specific identification, you can identify that the unit's sold were the one purchased on June 5 and the one purchased on June 15, What is the ending inventory under specific identification? JUAN NON
June 1 Purchased 1 unit for $70 June 5 Purchased 1 more unit for $80 June 10 Purchased 1 more unit for $85 June 15 Purchased 1 more unit for $90) FIFO June 20 Sold 2 units for $100 per unit for total sales of $200 What is the ending inventory under FFO What is the ending inventory under UFO? LIFO What is the ending inventory under average cast? Assume that using specific identification, you can identify that the unit's sold were the one purchased on June 5 and the one purchased on June 15, What is the ending inventory under specific identification? JUAN NON
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 1PEA: The following three identical units of Item BZ1810 are purchased during November: Assume that one...
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