ACCT 201 1st Edition Lecture 19 Outline of Last Lecture I Inventory Freight on board FOB Outline of Current Lecture II Inventory assumptions Current Lecture Inventory Assumptions 1 FIFO first in first out oldest first 2 LIFO last in last out newest first 3 Average Cost weighted average quick and easy no tax breaks rarely used Specific Identification low volume high value Ex cars VIN number jewelry stores embedded barcode on merchandise Book 6 3 Purchases Feb 3 Mar 5 May 22 Sales Jun 1 1 TV at 700 1 TV at 750 1 TV at 800 2 Tvs for 2400 1200 x 2 A 2400 cash FIFO L 1450 inventory SE 2400 sales revenue 1450 COGS oldest Feb 700 Mar 750 1450 1550 COGS newest May 800 Mar 750 1550 ORLIFO 1550 inv These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute Avg cost Qty x Price 2 TV for 700 1 TV for 750 1 TV for 800 4 total units 2950 total cost Approx 721 32 unit total cost total units
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