Information related to Hixen Company's periodic inventory for October 31 is given below: ...
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Accounting
Information related to Hixen Company's periodic inventory for October 31 is given below:
Units
Unit Cost
Total Cost
Beginning Inventory
300
$10.00
$ 3,000
Purchase 1
800
10.40
8,320
Purchase 2
700
10.80
7,560
Purchase 3
200
11.60
2,320
Totals
2,000
$21,200
Instructions
Show calculations to value cost of goods sold using the FIFO cost flow assumption if 500 units remain on hand at October 31.
Show calculations to value the ending inventory using the Weighted Average cost flow assumption if 500 units remain on hand at October 31. Remember to show your work.
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