Exercise 5-2a allocating product cost between cost of goods, Ask an Expert

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Exercise 5-2A: Allocating product cost between cost of goods sold and ending inventory Spice Co. started the year with no inventory. During the year, it purchased two identical inventory items. The inventory was purchased at different times. The first purchase cost $3,600 and the other, $4,200. One of the items was sold during the year. Required: Based on this information, how much product cost would be allocated to cost of goods sold and ending inventory on the year-end financial statements, assuming use of: a. FIFO? b. LIFO? c. Weighted average?

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Accounting Basics, Accounting

Category:- Accounting Basics
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