Smart Tech's Beginning Inventory and Purchases for the Month of August

question 7

Essay

Smart Tech's beginning inventory and purchases for the month of August were as follows: ​
Required:
Calculate the total amount to be assigned to cost of goods sold and ending inventory for August 31, using each of the following methods.
a.
First-in, first-out (FIFO)
b.
Last-in, first-out (LIFO)
c.
Weighted-average cost (round the unit price)

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Definitions:

Disjunctive Proposition

A statement in logic that presents two or more alternatives, where the truth of at least one alternative makes the proposition true.

Contrapositive

A logical statement derived by negating and swapping the hypothesis and conclusion of the original conditional statement. If the original statement is "If P, then Q," the contrapositive is "If not Q, then not P."

Hypothetical Proposition

A proposition or statement that is based on a hypothesis or an assumption rather than on known facts.

Antecedent

The “if” component in a hypothetical proposition.