Comparison of Inventory Valuation Methods in Accounting

School: Central Community College - Course: ACCOUNTING ACT 1100 - Subject: Accounting

EX 11.2 Ending inventory - as reported$740,000 1 2 3 4 5 6 Correct Inventory
P 11.3 (a) COST OF GOODS AVAILABLE FOR SALE UnitTotal DateExplanationUnitsCostCost 1-Jan Beginning Inventory Total (b) FIFO (1) Ending Inventory(2) Cost of Goods Sold UnitTotal DateUnitsxCost=Cost Proof of Cost of Goods Sold UnitTotal DateUnitsxCost=Cost
P 11.3 - Continued LIFO (1) Ending Inventory(2) Cost of Goods Sold UnitTotalCOGAS29,880 DateUnitsxCost=CostLess Ending Inv5,040 1/1160 20 3,200 3/1580 23 1,840 240 5,040 Cost of Goods Sold24,840 Proof of Cost of Goods Sold UnitTotal DateUnitsxCost=Cost

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