Fairleigh Company sells home weather stations.Its beginning inventory was 50 units at $200 per unit.During the year,Fairleigh made two purchases of the station: first,a 150-unit purchase at $220 per unit,and then 100 units at $250 per unit.The ending inventory for the year was 125 units.
Required:
Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory,assuming that Fairleigh uses
a)FIFO
b)LIFO
c)Weighted average

Question

Quizplus · Accepted Answer

The Answer of Fairleigh Company sells home weather stations.Its beginning inventory was 50 units at $200 per unit.During the year,Fairleigh made two purchases of the station: first,a 150-unit purchase at $220 per unit,and then 100 units at $250 per unit.The ending inventory for the year was 125 units.
Required:
Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory,assuming that Fairleigh uses
a)FIFO
b)LIFO
c)Weighted average

Fairleigh Company Sells Home Weather Stations