ony Merchandise Company_Computation of Inventory costing
Wall Street Journal
July 1, 2020Review essay
July 2, 2020ony Merchandise Company_Computation of Inventory costing
Tony Merchandise Company_Computation of Inventory costing
Tony Merchandise Company has the following information for the month of February:
| Feb. 2 | Beginning inventory | 20 | units | @ | $12 | per unit |
| Feb. 5 | Purchase | 20 | units | @ | $16 | per unit |
| Feb. 8 | Sale | 12 | units | |||
| Feb. 21 | Purchase | 12 | units | @ | $18 | per unit |
| Feb. 25 | Sale | 14 | units |
Answer the following questions for Tony Merchandise Company:
- Calculate the dollar ending inventory if first in, first out (FIFO) is used.
- Calculate the cost of goods sold if LIFO is used.
- Calculate the dollar ending inventory if weighted average is used.
