On December 31, ABC Corp. took a physical count of its inventory and found that they had 150...
Question:
On December 31, ABC Corp. took a physical count of its inventory and found that they had 150 units of product still on hand. The accounting records provided the following information about their inventory:
| # of units | Unit Cost | |
| Beginning inventory | 120 | $4.10 |
| Purchase, February 11 | 170 | $5.00 |
| Purchase, July 18 | 200 | $5.50 |
| Purchase, Sept. 20 | 360 | $6.30 |
Calculate COGS and Ending Inventory for each of the following methods:
| FIFO |
| LIFO |
| Average cost |
Stock valuation:
Stock valuation is method use to calculate the closing stock and the cost of good sold there are different methods are used to calculate the inventory like FIFO( First in First Out), LIFO(Last in First Out) and Weighted Average Cost
Answer and Explanation: 1
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View this answerWorking Notes:
| Date | Purchase | Sales | Balance | |
|---|---|---|---|---|
| 1 | 120*$4.10= $492 | |||
| Feb.11 | 170*$ 5 = $ 850 | ... |
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