The inventory records for Radford Company reflected the following: Beginning inventory @ May 1 100 units @ $4.15 First purchase @ May 7 300 units @ $4.55 Second purchase @ May 17 500 units @ $4.75 Third purchase @ May 23 100 units @ $4.95 Sales @ May 31 900 units @ $7.95 What is the amount of ending inventory assuming the FIFO cost flow method? Multiple Choice $415 $955 $455 $495

The inventory records for Radford Company reflected the following: Beginning inventory @ May 1 100 units @ $4.15 First purchase @ May 7 300 units @ $4.55 Second purchase @ May 17 500 units @ $4.75 Third purchase @ May 23 100 units @ $4.95 Sales @ May 31 900 units @ $7.95 What is the amount of ending inventory assuming the FIFO cost flow method? Multiple Choice $415 $955 $455 $495

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 67P

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Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
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