Answered step by step
Verified Expert Solution
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:
[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 > a. weighted average cost
b. FIFO
c. LIFO
d. Specific ID
Step 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