Tony Merchandise Company_Computation of Inventory costing

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Tony Merchandise Company has the following information for the month of February:

Feb. 2

Beginning inventory

20

units

@

$12

per unit

Feb. 5

Purchase

20

units

@

$16

per unit

Feb. 8

Sale

12

units

 

 

 

Feb. 21

Purchase

12

units

@

$18

per unit

Feb. 25

Sale

14

units

 

 

 

Answer the following questions for Tony Merchandise Company:

 

  1. Calculate the dollar ending inventory if first in, first out (FIFO) is used.
  2. Calculate the cost of goods sold if LIFO is used.
  3. Calculate the dollar ending inventory if weighted average is used.
    • 7 years ago
    Tony Merchandise Company_Computation of Inventory costing
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      tony_merchandise_company_computation_of_inventory_costing.xlsx