Question

Paper Inc. had the following information for the month:

a) How many units did Paper have in inventory at April 30?

b) Calculate the dollar value of Paper’s April 30 inventory, as well as Paper’s April cost of goods sold (COGS), using the FIFO method.               

c) Calculate the dollar value of Paper’s April 30 inventory, as well as Paper’s April COGS, using the LIFO method.      

d) Calculate the dollar value of Paper’s April 30 inventory, as well as Paper’s April COGS, using the average cost method.  

 

Units

Cost per Unit

Inventory, April 1

15

$10

Inventory Purchases

April 3

April 20

 

3

10

 

$11

$11.50

Inventory Sales

26

 

 

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