At the beginning of the current period, SIic Industries has 150 units of a product with a unit cost of $160. The inventory records report the following transactions:
During the current period, Slic sells 340 units.
Compute the cost of goods sold for the current period and the ending inventory balance for this product based on the following assumptions:
a. Slic uses the FIFO method.
b. Slic uses the LIFO method.
c. Slic uses the weighted-average cost method.

Question

At the beginning of the current period, SIic Industries has 150 units of a product with a unit cost of $160. The inventory records report the following transactions:
  During the current period, Slic sells 340 units.
Compute the cost of goods sold for the current period and the ending inventory balance for this product based on the following assumptions:
a. Slic uses the FIFO method.
b. Slic uses the LIFO method.
c. Slic uses the weighted-average cost method.

Quizplus · Accepted Answer

The Answer of At the beginning of the current period, SIic Industries has 150 units of a product with a unit cost of $160. The inventory records report the following transactions:
  During the current period, Slic sells 340 units.
Compute the cost of goods sold for the current period and the ending inventory balance for this product based on the following assumptions:
a. Slic uses the FIFO method.
b. Slic uses the LIFO method.
c. Slic uses the weighted-average cost method.

At the Beginning of the Current Period, SIic Industries Has