Question
In: Accounting
Stow Clothing began selling a new line of sweatshirts during the month of February. At the...
Stow Clothing began selling a new line of sweatshirts during the month of February. At the beginning of the month, they did not have any inventory. The following is a summary of the purchases and sales of the inventory during the month.
Unit
Units Cost Total
Feb 2 Purchase 900 40 36,000
Feb 10 Sale (at $100 per unit) 800
Feb 20 Purchase 800 43 34,400
Feb 28 Sale (at $100 per unit) 200
Required:
Calculate the following under the given independent assumptions. Show all calculations.
a. Cost of Goods Sold under the Weighted Average cost flow assumption, assuming a periodic inventory system.
b. Cost of Goods Sold under the LIFO cost flow assumption, assuming a periodic inventory system.
c. Cost of Goods Sold under the FIFO cost flow assumption, assuming a perpetual inventory system.
Solutions
Expert Solution
Answer of Part a:
Answer of Part b:
Answer of Part c:
ekkarill92 answered 2 years agoRelated Solutions
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