Milo Company had a beginning inventory of 400 units of Product Kimbo at a cost of $8 per unit. During the year, purchases were:
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Milo Company had a beginning inventory of 400 units of Product Kimbo at a cost of $8 per unit. During the year, purchases were:
Feb. 20 300 @ $9 Aug. 12600 @ $11
May 5 500 @ $10 Dec. 8200 @ $12
Milo Company uses a periodic inventory system. Sales totaled 1,500 units.
Required:
A. Determine the cost of goods available for sale.
B. Calculate the weighted-average unit cost.
C. Determine (1) the ending inventory, and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost)
D. Which cost flow method results in (1) the lowest inventory amount for the balance sheet, and (2) the lowest cost of goods sold for the income statement?
- 10 years ago
Milo Company -- Correct w/ Solutions ! Use it as a GUIDE
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