Solution-Effect of inventory cost flow on ending inventory

Effect of inventory cost flow on ending inventory balance

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Reference no: EM13508795

Effect of inventory cost flow on ending inventory balance and gross margin

Dugan Sales had the following transactions for jackets in 2013, its first year of operations:

Jan. 20	Purchased 80 units @ $15	=	$1,200
Apr. 21	Purchased 420 units @ $16	=	6,720
July 25	Purchased 250 units @ $20	=	5,000
Sept. 19	Purchased 150 units @ $22	=	3,300

During the year, Dugan Sales sold 830 jackets for $40 each.

Required

Record the above transactions in general journal form and post to T-accounts using (1) FIFO, (2) LIFO, and (3) weighted average. Use a separate set of journal entries and T-accounts for each method. Assume all transactions are cash transactions.

Reference no: EM13508795

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Effect of inventory cost flow on ending inventory balance

Reference no: EM13508795

Reference no: EM13508795

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