Determing ending inventory cost of goods sold under fifo, Ask an Expert

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Eddings Company had a beginning inventory of 400 units of Product SNA at a cost of $8 per unit. During the year, purchases were

Feb. 20 600 units @ $9 Aug. 12 300 units @ $11
May 5 500 units @ $10 Dec. 8 200 units @ $12

Determine cost of goods available for sale.

Determing ending inventory, cost of goods sold under FIFO, LIFO and Average. Which cost flow method results in lowest inventory amount for the balance sheet, and the lowest cost of goods sold for the income statement.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9439483

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