Solaris Co. began year 2011 with 6,300 units of product in its January 1 inventory costing $35
Question:
Jan. 4 . . . . . . . . . . 10,500 units @ $33 each
May 18 . . . . . . . . .13,000 units @ $32 each
July 9 . . . . . . . . . . 12,000 units @ $29 each
Nov. 21 . . . . . . . . 15,500 units @ $26 each
Required
1. Compute the number and total cost of the units available for sale in year 2011.
2. Compute the amounts assigned to the 2011 ending inventory and the cost of goods sold using
(a) FIFO,
(b) LIFO, and
(c) Weighted average.
Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...
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Related Book For
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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