Prepare a partial inc stmt for the fifo and lifo cogs and, Ask an Expert

Accounting

Prepare a partial Inc. Stmt. for the FIFO and LIFO COGS and Closing Inv. using the inventory numbers below:

Inventory
Jan1 Balance 700 units @$7.00 4,900
Mar 6 Purch. 300 units @7.05 2,115
June 22 Purch. 8,400 units @7.50 63,000
Oct4 Purch. 500 units @8.50 4,250

Sales Rev.
Dec. 31 9,000units 127,800

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Accounting Basics, Accounting

Category:- Accounting Basics
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