Valix Finacc vol 1 Problem 7-20

Financial Accounting Volume 1 2008 Valix-Peralta
Chapter 1 Problem 7-20

The stock cards are not prepared anymore.  The end results are simply given.

                                                                                    Units            Unit cost            Total cost

FIFO

Ending inventory                                                         4,000                210                  840,000

Cost of sales                                                                                                            2,700,000

Average method

Ending inventory                                                         4,000                252.50          1,010,000

Cost of sales                                                                                                            2,530,000