Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

19.(3 points) The following pertain to the cost of H's only inventory item: Inventory on hand, January 1 10 units @ $ 9 per unit

image text in transcribed
19.(3 points) The following pertain to the cost of H's only inventory item: Inventory on hand, January 1 10 units @ $ 9 per unit Purchases, January 2 150 units @ $14 per unit Purchases, January 12 195 units @ $15 per unit Purchases, January 16 75 units @ $15 per unit Purchases, January 20 50 units @ $16 per unit Purchases, January 26 205 units @ $19 per unit 685 Sales during January totaled 615 units. Each unit sold for $40. Calculate COGS AND GP for January AND El as of 01-31 under the following assumptions: H uses periodic LIFO EI: COGS: Gross profit: > H uses periodic FIFO EI: COGS: Gross profit: H uses a weighted average method and rounds the unit cost to the nearest penny. EI: COGS: Gross profit: Make sure that the sum of your COGS AND EI answers add up to 100% of your COGAS

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

Environmental Auditing Fundamentals And Techniques

Authors: J. Ladd Greeno

2nd Edition

091509410X, 978-0915094103

More Books

Students also viewed these Accounting questions