scotty15
Oct 17, 2009, 11:00 AM
Mix Co. started the year with no inventory. During the year, it purchased two identical inventory items. The inventory was purchased at different times. The first purchase cost $1,210 and the other, $1,560. One of the items was sold during the year.
Based on this information, how much product cost would be allocated to cost of goods sold and ending inventory on the year-end financial statements, assuming use of
FIFO?
LIFO?
Weighted average?
Based on this information, how much product cost would be allocated to cost of goods sold and ending inventory on the year-end financial statements, assuming use of
FIFO?
LIFO?
Weighted average?