ACC 305 Lecture Notes - Lecture 69: Perpetual Inventory, Weighted Arithmetic Mean
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Gilmer Incorporated provided the following for the year of 2014.Gilmer uses the periodic inventory method. Gilmer had 150 units inending inventory.
Beginning inventory | 100 units @ $10 cost per unit |
Purchases during the year | |
March 1 | 100 units @ $11 cost per unit |
June 1 | 100 units @ $12 cost per unit |
September 1 | 100 units @ $13 cost per unit |
December 1 | 100 units @ $14 cost per unit |
Provide the following information:
What are purchases for the year?
What is cost of goods available for sale for the year?
Using the FIFO cost flow assumption, what is ending inventory forthe year?
Using the LIFO cost flow assumption, what is ending inventory forthe year?
Using the weighted average cost flow assumption, what is endinginventory for the year?
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