Example Exercise 1
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Example Exercise 1. Inventory Cost Flow Assumptions. Example Exercise 1. Inventory Cost Flow Assumptions - FIFO. Example Exercise 1. Inventory Cost Flow Assumptions - LIFO. Example Exercise 1. Inventory Cost Flow Assumptions–Average Cost. 2. Example Exercise 1. 1. Sales$70

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Example Exercise 1

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Example exercise 1

Example Exercise 1

Inventory Cost Flow Assumptions


Example exercise 1

Example Exercise 1

Inventory Cost Flow Assumptions - FIFO


Example exercise 1

Example Exercise 1

Inventory Cost Flow Assumptions - LIFO


Example exercise 1

Example Exercise 1

Inventory Cost Flow Assumptions–Average Cost


Example exercise 1

2

Example Exercise 1

1

Sales$70

Less cost of merchandise sold(45)

Gross Profit$25

Ending Inventory ($48 + $51)$99

(a) FIFO


Example exercise 1

2

Example Exercise 1

1

Sales$70

Less: cost of merchandise sold(51)

Gross Profit$19

Ending Inventory ($45 + $48)$93

(b) LIFO


Example exercise 1

2

Example Exercise 1

1

Sales$70

Less: cost of merchandise sold(48)

Gross Profit$22

Ending Inventory ($48 x 2)$96

(c) Average Cost


Example exercise 1

Example Exercise 1

1

1

 For Practice: PE 1A, PE 1B


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