06 - Class Exercises - 3. Using the LIFO inventory method,...

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ACC211 NVCC - Annandale Mitchell Chapter 6 - Class Exercises Inventory Costing Methods Harrison Company had the following four inventory purchases in September: A 1-Sep 100 units @ 2.00 $ /unit $200.00 B 5-Sep 300 units @ 2.50 $ /unit $750.00 C 15-Sep 150 units @ 3.00 $ /unit $450.00 D 28-Sep 200 units @ 1.75 $ /unit $350.00 TOTAL units 1. Using the FIFO inventory method, what is the value of ending inventory on September 30? 2. Using the FIFO inventory method, what is the cost of goods sold for September?
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Unformatted text preview: 3. Using the LIFO inventory method, what is cost of goods sold for September? 4. Using the LIFO inventory method, what is the value of ending inventory on September 30? 5. Using the average-cost method, what is the amount allocated to the ending inventory on September 30? A physical count of merchandise inventory on September 30 reveals that there are 250 units on hand....
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This note was uploaded on 02/28/2011 for the course ACC 211 taught by Professor Mitchell during the Spring '11 term at Northern Virginia Community College.

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