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SCh07

# Fundamentals of Financial Accounting with Annual Report

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Student Name: Instructor Class: McGraw-Hill/Irwin Demonstration Case 7 Requirement 1: Ending Inventory Cost of Goods Sold Units Dollars Units Dollars FIFO 13 \$2,816 12 \$2,409 LIFO 13 \$2,618 12 \$2,607 Weighted Average 13 \$2,717 12 \$2,508 Computations: Goods Available for Sale Units Unit Cost Total Cost Beginning Inventory 11 \$200 \$2,200 Purchase - January 3 5 209 1,045 Purchase - January 4 9 220 1,980 Goods Available for Sale 25 \$5,225 Correct! Correct! FIFO FIFO Ending Inventory Units Unit Cost Total Cost Cost of Goods Sold Last units in-July 21 9 \$220 \$1,980 Goods Available for Sale \$5,225 Next units in-March 15 4 209 836 - Ending Inventory 2,816 13 \$2,816 Cost of Goods Sold \$2,409 Correct! Correct! Correct! LIFO FIFO Ending Inventory Units Unit Cost Total Cost Cost of Goods Sold First units in-Jan. 1 11 \$200 \$2,200 Goods Available for Sale \$5,225 Next units in-March 15 2 209 418 - Ending Inventory 2,618 13 \$2,618 Cost of Goods Sold \$2,607 Correct! Correct! Correct! Weighted Average Computations

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SCh07 - Student Name Instructor Class McGraw-Hill/Irwin...

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