Smart Tech's beginning inventory and purchases for the month of August were as follows:
Required:
Calculate the total amount to be assigned to cost of goods sold and ending inventory for August 31, using each of the following methods.
a.
First-in, first-out (FIFO)
b.
Last-in, first-out (LIFO)
c.
Weighted-average cost (round the unit price)

Question

Smart Tech's beginning inventory and purchases for the month of August were as follows:  ​
Required:
Calculate the total amount to be assigned to cost of goods sold and ending inventory for August 31, using each of the following methods. 
a.
First-in, first-out (FIFO)
b.
Last-in, first-out (LIFO)
c.
Weighted-average cost (round the unit price)

Quizplus · Accepted Answer

The Answer of Smart Tech's beginning inventory and purchases for the month of August were as follows:  ​
Required:
Calculate the total amount to be assigned to cost of goods sold and ending inventory for August 31, using each of the following methods. 
a.
First-in, first-out (FIFO)
b.
Last-in, first-out (LIFO)
c.
Weighted-average cost (round the unit price)

Smart Tech's Beginning Inventory and Purchases for the Month of August