Foundations of Financial Management
Foundations of Financial Management
16th Edition
ISBN: 9781259277160
Author: Stanley B. Block, Geoffrey A. Hirt, Bartley Danielsen
Publisher: McGraw-Hill Education
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Chapter 4, Problem 12P

At the end of January, Higgins Data Systems had an inventory of 650 units, which cost $16 per unit to produce. During February the company produced 950 units at a cost of $19 per unit. If the firm sold 1,150 units in February, what was its cost of goods sold (assume LIFO inventory accounting)?

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At the end of January, Higgins Data Systems had an inventory of 710 units, which cost $15 per unit to produce. During February the company produced 1,070 units at a cost of $18 per unit. If the firm sold 1,210 units in February, what was its cost of goods sold? (Assume LIFO inventory accounting.)
At the end of January, Mineral Labs had an inventory of 905 units, which cost $13 per unit to produce. During February the company produced 1,550 units at a cost of $17 per unit.   a. If the firm sold 2,150 units in February, what was the cost of goods sold? (Assume LIFO inventory accounting.)   b. If the firm sold 2,150 units in February, what was the cost of goods sold? (Assume FIFO inventory accounting.)
At the end of January, Mineral Labs had an inventory of 855 units, which cost $8 per unit to produce. During February the company produced 1,300 units at a cost of $12 per unit. a. If the firm sold 1,650 units in February, what was the cost of goods sold? (Assume LIFO inventory accounting.) Cost of goods sold b. If the firm sold 1,650 units in February, what was the cost of goods sold? (Assume FIFO inventory accounting.) Cost of goods sold

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Foundations of Financial Management

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