The records of ABC Company showed the following: ...
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Accounting
The records of ABC Company showed the following:
| Units | Unit Cost | Total Cost | ||
| January 1 | Beginning | 10,000 | 60 | 600,000 |
| April 1 | Purchase | 18,000 | 50 | 900,000 |
| October 1 | Purchase | 22,000 | 40 | 880,000 |
The physical inventory reveals 15,000 units on hand on December 31. Compute the cost of ending inventory and cost of sales using:
| Inventory Cost Flow | Ending Inventory | Cost of Goods Sold (COGS) |
| First in, first out (FIFO) | ||
| Weighted Average | ||
| Last in, first out (LIFO) |
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