Question

Use the following inventory information to answer questions 37 and 38. Trans Co. uses the periodic inventory system. The following are inventory’ transaction for the month of January; Jan. 1 Beginning inventory 10, 000 units @ S3 5 Purchase 8, 000 units @ $4 15 Purchase 5, 000 units @ $6 20 Sales at S10 per unit 14, 000 units Trans uses the average cost method to determine the value of its inventory. What-amount should Trans report as cost of ending inventory on its Balance Sheet for the month of January? Trans uses the LIFO method to determine the value of its inventory. What amount should Trans report as cost of goods sold or. its Income Statement for the month of January?

 



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