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At the beginning of the current period, Chen carri...

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Solution


Question

At the beginning of the current period, Chen carried 1,000 units of its product with a unit cost of $20. A summary of the purchase period follows: Units Unit Cost Cost Beginning Inventory 1,000 $20 $20,000 Purchase #1 1,800 $22.00 $39,600.00 Purchase #2 800 $26.00 $20,800.00 Purchase #3 1,200 $29.00 $34,800.00 Goods Available for Sale During The Current Period, Chen sold 2,800 units a) Assuming that FIFO is used, calculate, COGS and ending inventory balance. Units x Cost = Total FIFO 2,800 b)Assuming that LIFO is used, calculate COGS and ending inventory balance. c)Assume that Chen uses the average cost method. Compute COGS for current period and ending inventory balance.,Thanks.,Thank you very much.,Ok.

 

Paper#6600 | Written in 18-Jul-2015

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