Business Finance
Ending Inventory and COGS calculations- COURSE FIGHTER |
I need help with this document it must be 1-2 pages of original work
Calculate ending inventory and cost of goods sold using the last in, first out (LIFO); moving; and weighted average methods.
Tony Merchandise Company has the following information for the month of February:
Feb. 2
Beginning inventory
20
units
@
$12
per unit
Feb. 5
Purchase
20
units
@
$16
per unit
Feb. 8
Sale
12
units
Feb. 21
Purchase
12
units
@
$18
per unit
Feb. 25
Sale
14
units
Answer the following questions for Tony Merchandise Company:
Calculate the dollar ending inventory if first in, first out (FIFO) is used.
Calculate the cost of goods sold if LIFO is used.
Calculate the dollar ending inventory if weighted average is used.
According to the generally accepted accounting principles (GAAP), discuss the objectives of inventory costing.
Discuss the consequences of selecting one method instead of others.
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