Coucous Corp

question 9

Essay

Coucous Corp. uses the periodic inventory system. Information related to Coucous' inventory for September is given below: Instructions
a. Calculate the ending inventory using FIFO assuming 400 units remain on hand at September 30 (show calculations).
b. Calculate the ending inventory using average cost assuming 400 units remain on hand at September 30 (show calculations).

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Definitions:

Deed of Trust

A document that conveys title to real property to a trustee as security for a loan until the grantor (borrower) pays the lender according to the terms of a loan.

Mortgage

A loan secured by the collateral of real estate property, where the borrower is obliged to pay back with a predetermined set of payments.

Trustee

A person or firm that holds and administers property or assets for the benefit of a third party.

Creditor

An individual or institution to whom money is owed.