Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. LIFO Cost of Goods Sold Ending Inventory Cost of Goods

image text in transcribed
image text in transcribed
image text in transcribed
2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. LIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of # of units Cost per Goods unit Available for Sale $ 0 # of units Cost per unit Cost of Goods Sold Cost Ending # of units per unit Inventory Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Total Oo oo 0 $ Sales revenue Gross profit 3. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Average Cost per unit" to 4 decimal places and all other answers to the nearest whole number.) Cost of Goods Available for Sale Cost of Goods Sold - Weighted Average Cost Ending Inventory - Weighted Average Cost Weighted Average Cost Cost of Goods Available for Cost per unit # of units # of units Sold Cost per Unit Cost of Goods Sold # of units In Ending Inventory Cost per unit Ending Inventory Sale 53 $ 2,385 133 Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Total 203 6,251 10.150 5,763 24,549 113 502 $ Sales revenue Gross profit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions