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Unformatted text preview: 10x10=100 25x14=350 5x18=90 =540 ending inventory= 20x18= 360 LIFO- Last in First out, assume newest goods sold first, oldest still here COGS 25x18=450 15x14=210 660 Ending inventory= 10x14+10x10=240 GAAP says you can use any of the 4 methods. COGS=income statement Lifo=240, fifo=360, wighted average=300, specific unit cost=320 P 290(5@160)+(4@160)+(8@170)=2800 EX 6-2 Inventory3410 A/P3410 Oct. Sales Entry A/R8500 Sales Rev8500 COGS2800 Inventory2800 Gross Profit: Sales8500 COGS (2800) GP5700 Ending inventory 3@170 & 5@180...
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This note was uploaded on 03/27/2008 for the course ACCT 2000 taught by Professor Holmes during the Spring '08 term at LSU.
- Spring '08