At the beginning of the current period, Haitijah Industries has 150 units of a product with a unit cost of $640. Its inventory records report the following transactions:
During the current period, Haitijah sells 340 units.
A. Assume Haitijah uses the FIFO method. Compute the cost of goods sold for the current period and the ending inventory balance for this product.
B. Assume Haitijah uses the LIFO method. Compute the cost of goods sold for the current period and the ending inventory balance for this product.
C. Assume Haitijah uses the average cost method. Compute the cost of goods sold for the current period and the ending inventory balance for this product.

Question

At the beginning of the current period, Haitijah Industries has 150 units of a product with a unit cost of $640. Its inventory records report the following transactions:
  During the current period, Haitijah sells 340 units.
A. Assume Haitijah uses the FIFO method. Compute the cost of goods sold for the current period and the ending inventory balance for this product.
B. Assume Haitijah uses the LIFO method. Compute the cost of goods sold for the current period and the ending inventory balance for this product.
C. Assume Haitijah uses the average cost method. Compute the cost of goods sold for the current period and the ending inventory balance for this product.

Quizplus · Accepted Answer

The Answer of At the beginning of the current period, Haitijah Industries has 150 units of a product with a unit cost of $640. Its inventory records report the following transactions:
  During the current period, Haitijah sells 340 units.
A. Assume Haitijah uses the FIFO method. Compute the cost of goods sold for the current period and the ending inventory balance for this product.
B. Assume Haitijah uses the LIFO method. Compute the cost of goods sold for the current period and the ending inventory balance for this product.
C. Assume Haitijah uses the average cost method. Compute the cost of goods sold for the current period and the ending inventory balance for this product.

At the Beginning of the Current Period, Haitijah Industries Has