Question
In: Accounting
In its first month of operations, Bethke Company made three purchases of merchandise in the following...
In its first month of operations, Bethke Company made three
purchases of merchandise in the following sequence: (1) 161 units
at $14, (2) 555 units at $15, and (3) 122 units at $16.
Assuming there are 353 units on hand, compute the cost of the
ending inventory under the FIFO method and LIFO method. Bethke uses
a periodic inventory system.
|
FIFO |
LIFO |
|||
| The cost of the ending inventory | $ | $ |
Solutions
Expert Solution
Workings and FIFO Method:
LIFO Method and Final Answer:
ekkarill92 answered 2 years agoRelated Solutions
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$Enter a dollar amount
$Enter...
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A company had the following purchases and sales during its first month of operations:
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Assume that Martinez Company has the following transactions in its first month of operations. Date Purchases...
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Date
Purchases
Sold
Balance
Feb. 1
2,100 @ $3.60
2,100 units
Feb. 10
6,200 @ $3.95
8,300 units
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4,400 units
3,900 units
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6,000 units
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Cost of goods sold
$
Ending inventory
$
A company had the following purchases and sales during its first year of operations: Purchases Sales...
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9 units
September:
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year of operations:
Purchases
Sales
January:
22
units at $180
14
units
February:
32 units at
$185
12 units
May:
27 units at
$190
16 units
September:
24 units at
$195
15 units
November:
22 units at
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28 units
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52. A company had the following purchases and sales during its first year of operations: Purchases...
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January:
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February:
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17 units
May:
28 units at
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September:
25 units at
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20 units
November:
23 units at
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January:
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Sales
January:
11 units at $135
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February:
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5 units
May:
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