Chipte ne June 5 June 10 June 15 June 20 Purchased 1 unit for $70 Purchased 1 more unit for $80 Purchased 1 more unit for $85 Purchased 1 more unit for $90 Sold 3 units for $90 per unit for total sales of $270 What is the ending inventory under FIFO? What is the ending inventory under LIFO? 175 150 What is the ending inventory under average cost? 108.3 90 +85 175 70 +80 130 90 85 80 +70 325 3 (108.3 Assume that using specific identification, you can identify that the units sold were the one purchased on June 1, June 5 and June 15. What is the ending inventory under specific identification?

Chipte ne June 5 June 10 June 15 June 20 Purchased 1 unit for $70 Purchased 1 more unit for $80 Purchased 1 more unit for $85 Purchased 1 more unit for $90 Sold 3 units for $90 per unit for total sales of $270 What is the ending inventory under FIFO? What is the ending inventory under LIFO? 175 150 What is the ending inventory under average cost? 108.3 90 +85 175 70 +80 130 90 85 80 +70 325 3 (108.3 Assume that using specific identification, you can identify that the units sold were the one purchased on June 1, June 5 and June 15. What is the ending inventory under specific identification?

Name: How do I solve these accouting practice problems? I started on them bu
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Description: How do I solve these accouting practice problems? I started on them but I just want to make sure if I have solved them correctly. Chapter 7June 1June 5June 10June 15June 20-5till ProblemPurchased 1 unit for $70Purchased 1 more unit for $80Purchased 1

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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