kels2010
Oct 22, 2010, 08:20 AM
I'm having a hard time answering this question... it keeps saying my answer is wrong
Causwell Company began 2011 with 8,400 units of inventory on hand. The cost of each unit was $5.11. During 2011 an additional 34,000 units were purchased at a single unit cost, and 19,000 units remained on hand at the end of 2011 (23,400 units therefore were sold during 2011). Causwell uses a periodic inventory system. Cost of goods sold for 2011, applying the average cost method, is $125,424. The company is interested in determining what cost of goods sold would have been if the FIFO or LIFO methods were used.
Causwell Company began 2011 with 8,400 units of inventory on hand. The cost of each unit was $5.11. During 2011 an additional 34,000 units were purchased at a single unit cost, and 19,000 units remained on hand at the end of 2011 (23,400 units therefore were sold during 2011). Causwell uses a periodic inventory system. Cost of goods sold for 2011, applying the average cost method, is $125,424. The company is interested in determining what cost of goods sold would have been if the FIFO or LIFO methods were used.