Check out some similar questions!
FIFO cost method from the weighted-average cost method
[ 4 Answers ]
On December 31, 2006 Company appropriately changed to the FIFO cost method from The weighted-average cost method for financial statement and income tax purposes. The change will result in a $70,000 increase in the beginning inventory @January 1, 2006. Assuming a 40 Percent income tax rate, the...
I'm having trouble figuring out COGS using LIFO/FIFO/Average Cost method(s)
[ 1 Answers ]
Canfield uses a perpetual inventory system. The company’s beginning inventory of a particular product and its purchases during the month of January were as follows: Quantity Unit Cost Total Cost Beginning inventory (Jan. 1) 50 $6 $300 Purchase (Jan. 10) 25 7 175...
FIFO-LIFO- Ending Inventory-COGS formula needed.
[ 0 Answers ]
I need your help on the following question I can not seem to get this: Beginning Inventroy: 1,000 units @$10 per unit Purchases: 3,000 units @$12 per unit Sales: 3,500 units @$16 per unit Ending Inventory: 500 units Compute both the ending inventroy value and cost of goods sold using each of...
FIFO method
[ 1 Answers ]
Following inventory: 4/15 200 units purchased $5.00 total $1000 4/24 500 units purchased $6.00 total $3000 4/26 300 units purchased $5.50 total $1650 4/29 400 units purchased $5.75 total $2300 TOTAL 1400 units purchased $7950 Sold 850 baseball caps during April, using the FIFO method,... View more questions Search
Add your answer here.
|