Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1.compute the amount of goods available for sale, ending inventory, and cost of goods solf at January 31 under each of the following: a. weighted

1.compute the amount of goods available for sale, ending inventory, and cost of goods solf at January 31 under each of the following:
a. weighted average cost
b. FIFO
c. LIFO
d. Specific ID
image text in transcribed
image text in transcribed
[LO 7-3) 900 Mojo Industries tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the accounting period, January 31. The Inventory's selling price is $8 per unit. Unit Transactions Cost Units Total Cost Inventory, January 1 $ 2.00 310 $ 620 Sale, January 10 (250) Purchase, January 12 2.50 360 Sale, January 17 (150) Purchase, January 26 3.50 30 280 Required: 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at January 31 under each of the following Inventory costing methods a. Weighted average cost b. First-in, first-out c. Last-in, first-out. d. Specific identification, assuming that the January 10 sale was from the beginning inventory and the January 17 sale was from the January 12 purchase Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Compute the amount of goods available for sale, ending inventory, and cost of goods sold a inventory costing methods. (Round your intermediate calculations to 2 decimal places and f amount.) Ending Inventory Cost of Goods Sold 1 x a. Weighted average cost b. First-in, first-out c. Last-in, first-out: d. Specific identification Amount of Goods Available for Sale $ 1,800 $ 1,800 1,800 1,800 1.799 X $ 720 X $ 955 X $ 925 $ 1,080 X 845 X S GA $ 875 ROK Req 2A >

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

Using Microsoft Excel And Access 20 For Accounting

Authors: Glenn Owen

5th Edition

133751229X, 9781337512299

More Books

Students also viewed these Accounting questions

Question

2. What factors infl uence our perceptions?

Answered: 1 week ago

Question

4. Does mind reading help or hinder communication?

Answered: 1 week ago