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Accounting

On January 1, 2007 Loren Company had 400 units of inventory on hand at a cost of $12 per unit. The company purchased inventory four times during the year. The following information relates to the inventory purchases.

March 1 Purchased 300 units @ $15

June 1 Purchased 200 units @ $16

August 1 Purchased 250 units @ $17

October 1 Purchased 300 units @ $18

Assume Loren company sold 1000 units of inventory during 2007.

a) Compute the ending inventory and costs of goods sold assuming Camden Corporation follows IFRS and chose to use the weighted average method.

b) Compute the ending inventory and costs of goods sold assuming Camden Corporation follows US GAAP and chose to use LIFO

c) What are the differences in ending inventory and costs of goods sold using weighted average and LIFO?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9440590

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