29 Jun Question Tony Merchandise Company_Computation of Inve
Question
Tony Merchandise Company_Computation of Inventory costing
Tony Merchandise Company has the following information for the month of February:
Feb. 2
Beginning inventory
20
units
@
$12
per unit
Feb. 5
Purchase
20
units
@
$16
per unit
Feb. 8
Sale
12
units
Feb. 21
Purchase
12
units
@
$18
per unit
Feb. 25
Sale
14
units
Answer the following questions for Tony Merchandise Company:
Calculate the dollar ending inventory if first in, first out (FIFO) is used.
Calculate the cost of goods sold if LIFO is used.
Calculate the dollar ending inventory if weighted average is used.
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