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

Accounting

Information about the Maxwell Company's inventory of one item during 2010 is given below.

Units Unit Cost

Beginning Inventory, Jan 1, 2010 80 $24.00

Purchases:

March, 2010 45 24.00
July 2010 75 22.00
Nov. 2010 100 21.00

Ending Inventory, Dec. 31, 2010 55

Compute the cost of the ending inventory and cost of goods sold under each of the following methods.

Average cost method
First in, first out (FIFO) method
Last in, first out (LIFO) method

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M940873

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