Answered step by step
Verified Expert Solution
Question
1 Approved Answer
1. 2) 3. The periodic inventory records of Cambridge Prosthetics indicate the following for the month of July (Click the icon to view the inventory
1.
2)
3.
The periodic inventory records of Cambridge Prosthetics indicate the following for the month of July (Click the icon to view the inventory records.) At July 31, Cambridge counts six units of inventory on hand Compute ending merchandise inventory and cost of goods sold for Cambridge using the FIFO inventory costing method. FIFO Cost Ending Merchandise Inventory Cost of Goods Sold 1 Beginning merchandise inventory 8 Purchase 15 Purchase 26 Purchase 9 units 8 units 12 units 16 units @ $ 35 each @ $ 30 each @ $ 44 each @ $ 42 each The periodic inventory records of Saxton Prosthetics indicate the following for the month of October: E (Click the icon to view the inventory records.) At October 31, Saxton counts ten units of inventory on hand. Compute ending merchandise inventory and cost of goods sold for Saxton using the LIFO inventory costing method. LIFO Cost Ending Merchandise Inventory Cost of Goods Sold Oct. 1 Beginning merchandise inventory 8 Purchase 15 Purchase 26 Purchase 20 units @ $ 60 each 20 units @ $ 50 each 15 units @ $ 29 each 15 units @ $ 25 each The periodic inventory records of Miami Prosthetics indicate the following for the month of October : (Click the icon to view the inventory records.) At October 31, Miami counts five units of inventory on hand. Compute ending merchandise inventory and cost of goods sold for Miami using the weighted average inventory costing method. Weighted average Ending Merchandise Inventory Cost of Goods Sold Oct. 1 Beginning merchandise inventory 8 Purchase 15 Purchase 26 Purchase 8 units 10 units 13 units 15 units @ $ 45 each @ $54 each @ $ 55 each @ $ 61 eachStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started