- Cc7 1 Accounting For Changing Inventory Costs Lo7 3 Lo7 5 1 (61.79 KiB) Viewed 39 times
CC7-1 Accounting for Changing Inventory Costs [LO7-3, LO7-5]
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CC7-1 Accounting for Changing Inventory Costs [LO7-3, LO7-5]
CC7-1 Accounting for Changing Inventory Costs [LO7-3, LO7-5]
Required: 1. State whether the transportation cost included in each purchase should be recorded as a cost of the inventory or immediately expensed. Immediately expensed O Inventory cost 2. Compute the Cost of Goods Available for Sale, Cost of Goods Sold, and Cost of Ending Inventory using the first-in, first-out (FIFO) method. (Do not round intermediate calculations. Round final answers to the nearest dollar amount.) Cost of goods available for sale Cost of goods sold Cost of ending inventory
Required: 1. State whether the transportation cost included in each purchase should be recorded as a cost of the inventory or immediately expensed. Immediately expensed O Inventory cost 2. Compute the Cost of Goods Available for Sale, Cost of Goods Sold, and Cost of Ending Inventory using the first-in, first-out (FIFO) method. (Do not round intermediate calculations. Round final answers to the nearest dollar amount.) Cost of goods available for sale Cost of goods sold Cost of ending inventory