Financial And Managerial Accounting
Financial And Managerial Accounting
15th Edition
ISBN: 9781337902663
Author: WARREN, Carl S.
Publisher: Cengage Learning,
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Provide correct solution and accounting

Assume your organization has the following inventory
changes during the year:
Beginning
Inventory
15 units valued at $10,000 each
February purchases 13 units at $11,500 each
June purchases
Total Units Used
20 units at $12,000 each
42
Calculate the value of the ending inventory and the
value of the inventory used (the inventory expense) for
the year using both the FIFO and the LIFO method of
cost-flow.
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Transcribed Image Text:Assume your organization has the following inventory changes during the year: Beginning Inventory 15 units valued at $10,000 each February purchases 13 units at $11,500 each June purchases Total Units Used 20 units at $12,000 each 42 Calculate the value of the ending inventory and the value of the inventory used (the inventory expense) for the year using both the FIFO and the LIFO method of cost-flow.
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