Question:
I don't understand how to deteming the cost of inventories using the four methods, specific identification, the fifo, the lifo, and the weighted average cost method. My problem that i have to do says Buzz Newsstand started the month of May with the following inventory of disposable cameras:
Stock No. Brand Units on hand unit cost sellprice
3845 Lenox 4 $9.60 $17.95
4931 Lancaster 6 $8.40 $17.29
9265 Paterson 3 $8.10 $16.88
4850 McMahon 5 $7.60 $15.95
Buzz Newsstand uses the Fifo method to calculate the cost of its merchandise inventory. The May 31 physical inventory count included: Lenox with 4, Lancaster with 5 , Paterson with 7 , and Mcahon with 5 cameras. During may 22 lancaster were purchased,5 mc, 13 pat,10lenox
Answer:
Go here for help:
http://academic.regis.edu/dbush/accounti...
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