Solved

The Units of Product Green-2 Available for Sale During the Year

Question 120

Essay

The units of Product Green-2 available for sale during the year were as follows:?  Apr. 1 Inventory 15 units @$30 June 16 Purchase 29 units @$33 Sept. 28 Purchase 45 units @$35\begin{array} { l r l l l l } \text { Apr. } & 1 & \text { Inventory } & 15 \text { units } & @ & \$ 30 \\\text { June } & 16 & \text { Purchase } & 29 \text { units } & @ & \$ 33 \\\text { Sept. } & 28 & \text { Purchase } & 45 \text { units } & @ & \$ 35\end{array} There are 17 units of the product in the physical inventory at September 30. The periodic inventory system is used. Determine the cost of merchandise sold by the
(a) FIFO,
(b) LIFO, and
(c) average cost methods.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions