Computing cost of sales and ending inventory


Problem: Computing Cost of Sales and Ending Inventory

Stocken Company has the following financial records for the current period.

Units    Unit Cost
Beginning Inventory    100    $ 46
Purchases: #1    650    42
#2    550    38
#3    200    36

Ending inventory is 350 units. Compute the ending inventory and the cost of goods sold for the current period using

(a) first-in, first out,

(b) average cost, and

(c) last-in, last out.

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Accounting Basics: Computing cost of sales and ending inventory
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