If Exxon uses FIFO for its inventory valuation, calculate the cost of ending inventory and cost of goods sold if ending inventory is 110 barrels of crude oil. Beginning inventory and purchases Units (barrels) Cost per barrel Total cost Units (Barrels) in ending inventory Beginning inventory - January 1 132 $96 $12,672 1-Mar 57 $102 $5,814 1-Jun 72 $99 $7,128
If Exxon uses FIFO for its inventory valuation, calculate the cost of ending inventory and cost of goods sold if ending inventory is 110 barrels of crude oil. Beginning inventory and purchases Units (barrels) Cost per barrel Total cost Units (Barrels) in ending inventory Beginning inventory - January 1 132 $96 $12,672 1-Mar 57 $102 $5,814 1-Jun 72 $99 $7,128
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 67P
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If Exxon uses FIFO for its |
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Beginning inventory and purchases | Units (barrels) | Cost per barrel | Total cost | Units (Barrels) in ending inventory |
Beginning inventory - January 1 | 132 | $96 | $12,672 | |
1-Mar | 57 | $102 | $5,814 | |
1-Jun | 72 | $99 | $7,128 | |
1-Sep | 82 | $91 | $7,462 | |
1-Dec | 57 | $104 | $5,928 | |
Ending inventory | 110 | |||
Required: | ||||
Please use the above information to answer the following: | ||||
Note: Use cells A4 to D10 from the given information to complete this question. | ||||
Units (barrels) | Costs | |||
Beginning inventory | 132 | $12,672 | ||
Purchases | 268 | 26,332 | ||
Goods available for sale | 400 | $39,004 | ||
Ending inventory | 110 | |||
Cost of goods sold | 290 | $39,004 |
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