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Exercise 6-54 Inventory Costing Methods Neyman Inc. has the following data for purchases and sales of inventory: Date Un
Posted: Fri May 20, 2022 5:39 am
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- Exercise 6 54 Inventory Costing Methods Neyman Inc Has The Following Data For Purchases And Sales Of Inventory Date Un 1 (103.75 KiB) Viewed 75 times
Exercise 6-54 Inventory Costing Methods Neyman Inc. has the following data for purchases and sales of inventory: Date Units Cost per Unit Beginning inventory 22 $400 Purchase 1, Feb. 24 130 370 Sale 1 145 Purchase 2, July 2 180 330 Purchase 3, Oct. 31 90 250 Sale 2 265 All sales were made at a sales price of $450 per unit. Assume that Neyman uses a perpetual inventory system. Required: Compute the cost of goods sold and the cost of ending inventory using the FIFO, LIFO, and average cost methods. (Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) FIFO LIFO Average Cost Cost of ending inventory $ Cost of goods sold