If Exxon uses FIFO for its inventory valuation, calculate the cost of ending inventory and cost of goods sold if ending inventory is 110 barrels of crude oil. Beginning inventory and purchases Barrels Barrel cost Total cost Beginning inventory: Jan 1 129 $ 96 $ 12,384 March 1 54 102 5,508 June 1 69 99 6,831 September 1 79 91 7,189 December 1 54 104 5,616 385 $ 37,528 Cost of ending inventory Cost of goods sold
If Exxon uses FIFO for its inventory valuation, calculate the cost of ending inventory and cost of goods sold if ending inventory is 110 barrels of crude oil. Beginning inventory and purchases Barrels Barrel cost Total cost Beginning inventory: Jan 1 129 $ 96 $ 12,384 March 1 54 102 5,508 June 1 69 99 6,831 September 1 79 91 7,189 December 1 54 104 5,616 385 $ 37,528 Cost of ending inventory Cost of goods sold
Purchasing and Supply Chain Management
6th Edition
ISBN:9781285869681
Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson
Publisher:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson
Chapter16: Lean Supply Chain Management
Section: Chapter Questions
Problem 10DQ: The chapter presented various approaches for the control of inventory investment. Discuss three...
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If Exxon uses FIFO for its
Beginning inventory and purchases | Barrels | Barrel cost | Total cost | |||||||||
Beginning inventory: Jan 1 | 129 | $ | 96 | $ | 12,384 | |||||||
March 1 | 54 | 102 | 5,508 | |||||||||
June 1 | 69 | 99 | 6,831 | |||||||||
September 1 | 79 | 91 | 7,189 | |||||||||
December 1 | 54 | 104 | 5,616 | |||||||||
385 | $ | 37,528 | ||||||||||
|
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