If Exxon uses FIFO for its inventory valuation, calculate the cost of ending inventory and cost of goods sold if ending inventory is barrels of crude oil. Beginning inventory and purchases Beginning inventory: Jan 1 March 1 June 1 September 1 December 1 Cost of ending inventory Cost of goods sold Barrels 123 48 63 73 48 355 Barrel cost $94 103 97 92 102 Total cost $11,562 4,944 6,111 6,716 4,896 $34,229

If Exxon uses FIFO for its inventory valuation, calculate the cost of ending inventory and cost of goods sold if ending inventory is barrels of crude oil. Beginning inventory and purchases Beginning inventory: Jan 1 March 1 June 1 September 1 December 1 Cost of ending inventory Cost of goods sold Barrels 123 48 63 73 48 355 Barrel cost $94 103 97 92 102 Total cost $11,562 4,944 6,111 6,716 4,896 $34,229

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 2RE: Black Corporation uses the LIFO cost flow assumption. Each unit of its inventory has a net...

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08 Mc Graw 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. ! 1 Beginning inventory and purchases Beginning inventory: Jan 1 March 1 June 1 September 1 December 1 :: F1 Cost of ending inventory Cost of goods sold Q A 2 7 -0 F2 W S #3 20 F3 X E D $ 4 DDD DOD F4 Barrels Barrel cost 127 52 R C 67 77 52 375 % 5 F $94 103 97 92 102 84 F7 H * 00 U 8 D-II FB ( 9 DD F9 JU J K N M ) 0 0 F10
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