Financial and Managerial Accounting chapter 6 excercise 5. A&B. By last-, Hirst-out method. Determine...
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Financial and Managerial Accounting chapter 6 excercise 5. A&B.
By last-, Hirst-out method. Determine the cost of goods sold for each sale and the the in * FPLuaLIVCHLory System, COSL8 inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. EX 6-5 Perpetual inventory using LIFO Obj2, 3 Beginning inventory, purchases, sales data for prepaid cell phones for December and as are follows: Purchases Sales Inventory Dec1310 units at $88 Dec. 10 144 units at $90 20 240 units at $96 Dec. 12 240 units 14 166 units 31 200 units A. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. B. Based upon the preceding data, would you expect the inventory to be higher or lower us ing the first-in, first-out method? EX 6-6 Perpetual inventory using FIFO Obj. 2, 3 Assume that the business in Exercise 6-5 maintains a perpetual inventory system, costing by
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