Compute the cost of goods sold and ending inventory assume, Ask an Expert

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effect of different inventory cost flow on financial statements. The company records of the books Phography, Inc.. Reflected the following balances as of January 1,2012.

Cash 19,00
Beginning inventory 6,750 (75 unit @$90)
Retained Earnings ending 18,250
The fallowing five transactions occurred in 2012
1. First purchase (Cash) 100 unit @ $92
2. Second purchase (cash) 175 units @ $100
3. Sales all cash 300 units @ $170
4. Paid 15000 cash for operation expenses.
5. Paid for income tax a the rate of 30% of income before taxes.

Required

a. Compute the cost of goods sold and ending inventory, assume (1) is LIFO, LIFO cost flow (2) LIFO cost flow. And (3) weighted average. Record the event under account equation before preparing the stamens

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9450001

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