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
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