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inventory mcqs.docx Multiple Choice Use the following information for questions 1 through 3: A company purchased merchandise to be resold at increasing costs during the year 2016. The purchases were made at the following costs... The company sold 10 items at the end of each month. 1. What are the number of units and the cost of the goods available for sale? ____________ units $_____________ cost of goods available for sale. 2. Assuming...
New Doc 09-07-2020 13.11.20.pdf
What are FIFO and LIFO?
FIFO & LIFO Inventory Study the FIFO and LIFO explanations in Chapter 8. 1) Compute ending FIFO inventory and cost of goods sold. Assume $90,000 sales; beginning inventory 500 units @$50; purchases of 400 units @$50; 100 units @$65; 400 units @$80. 2) Compute the cost of goods sold percentage of sales. 3) Compute ending LIFO inventory and cost of goods sold, using same assumptions. 4) Compute the cost of goods sold percentage of sales. 5) Comment on the difference...
periodic inventory using FIFO, LIFO, and weighted average cost methods Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: 12 units at $35 $420 Jan. 1 Inventory 540 Purchase 15 units at $36 Aug. 7 380 Purchase 10 units at $38 Dec. 11 $1,340 37 units There are 20 units of the item in the physical inventory at December 31. The periodic inventory system is...
financial complications change from lifo to fifo
Define LIFO and FIFO and state the tax benefits of each. Also, can either LIFO or FIFO be used to massage the numbers in any way?
provide example for FIFO and LIFO where they can be used ?
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