MBA560 Financial and Managerial Accounting: Module 3 Test Problem 1 - Maple Company
MBA560 Financial and Managerial Accounting Module 3 Test
Problem 1. Maple Company started the year with no inventory. During the year, it purchased two identical inventory items at different times. The first unit cost $800 and the second, $700. One of the items was sold during the year.
Required: Based on this information, how much product cost would be allocated to cost of goods sold and ending inventory, assuming use of: a. LIFO b. FIFO c. Weighted average