ACC 111 LESSON 9

ACC 111 LESSON 9 - UnderFIFO, UnderLIFO, Acompany

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Which of the following statements is true? The specific-unit-cost method is also called the specific identification method. Under FIFO, the ending inventory is based on the oldest purchases. Under LIFO, the ending inventory is based on the most recent purchases. All of the above are true. A company has the following inventory transactions during 2008:  Units Cost Total Beginning inventory 25 $25 $625 Purchase - March 20 30 $30 $900 Sale - June 14 15 ??? $625 Purchase - October 1 20 $35 $700 Sale - December 10 35 ??? Referring to the above information, if the company uses the periodic FIFO inventory method, what  is the amount of ending inventory? (Round to the nearest dollar)  $742 $1,600 $625 $850
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A company has the following inventory transactions during 2008:  Units Cost Total Beginning inventory 25 $25 $625 Purchase - March 20 30 $30 $900 Sale - June 14 15 ??? $625 Purchase - October 1 20 $35 $700 Sale - December 10 35 ??? Referring to the above information, if the company uses the periodic LIFO inventory method, what 
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ACC 111 LESSON 9 - UnderFIFO, UnderLIFO, Acompany

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