ACCT 23020 Lecture 27: Inventory and Costs of Goods Sold II
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30 Oct 2019
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Brief Exercise 8-8 LIFO method [LO8-4]
Esquire Inc. uses the LIFO method to value its inventory. Inventory at January 1, 2018, was $500,000 (25,000 units at $20 each). During 2018, 90,000 units were purchased, all at the same price of $27 per unit. 95,000 units were sold during 2018. Esquire uses a periodic inventory system.
Complete the below table to calculate the December 31, 2018, ending inventory and cost of goods sold for 2018.
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Ferris Company began 2016 with 6,000 units of its principalproduct. The cost of each unit is $6. Merchandise transactions forthe month of January 2016 are as follows:
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