Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

(12 points) Hayat Brothers reports the following transactions for 2010: Date Units Purchased Total Purchase Cost per Unit Cost October 14 450 $1,800 $4 November

image text in transcribed
image text in transcribed
(12 points) Hayat Brothers reports the following transactions for 2010: Date Units Purchased Total Purchase Cost per Unit Cost October 14 450 $1,800 $4 November 15 370 $2,590 $7 December 14 200 $1,200 $6 Total 1020 $5,590 As of December 31st, the company had 120 units on hand. Assume Hayat Brothers did not have any inventory at the beginning of 2010. Determine the cost of Goods Sold and cost of Ending Inventory assuming each of the following methods: a. Average Cost b. FIFO CLIFO Average Cost FIFO LIFO Total cost of Goods Available for Sale $5,590 $5,590 $5,590 Number of goods sold (units) 1) 2) 3) Cost of Goods Sold ($) 4) 5) 6) Ending Inventory (units) 7 8) 9) 10) Ending Inventory (5) 11) 12)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Anti Fraud Risk And Control Workbook

Authors: Peter Goldmann, Hilton Kaufman

1st Edition

0470496533, 978-0470496534

More Books

Students also viewed these Accounting questions