Problem
RJ Corporation has provided the following information about one of their inventory items. During the year, 2,000 unites were sold.
|
DATA
|
TRANSACTION
|
NUMBER OF UNITS
|
COST PER UNIT
|
|
1/1
|
Beginning inventory
|
800
|
$6
|
|
6/6
|
Purchase
|
1400
|
$8
|
1. What was the cost of goods sold using the weighted average cost flow assumption?
2. What was the cost of goods sold using the FIFO flow assumption?
3. What was the cost of goods sold using the LIFO cost flow assumption?