msshyne
Mar 25, 2012, 02:36 PM
Suppose Robotics, Inc.’s inventory records for a particular item indicated the following transactions in September:
September 1 Beginning Inventory 10 units @ $29
September 9 Purchase 18 units @ $32
September 23 Purchase 9 units @ $30
September 28 Purchase 6 units @ 31
Required: The company sold 24 units on September 30. Compute the ending inventory and cost of goods sold using each of the following methods:
1. LIFO
2. FIFO
3. Average Cost
September 1 Beginning Inventory 10 units @ $29
September 9 Purchase 18 units @ $32
September 23 Purchase 9 units @ $30
September 28 Purchase 6 units @ 31
Required: The company sold 24 units on September 30. Compute the ending inventory and cost of goods sold using each of the following methods:
1. LIFO
2. FIFO
3. Average Cost