Question
4. During 2009, Accent Toys Plc., which began business in October of that year, purchased 10,000 units of a toy at a cost of 10
4. During 2009, Accent Toys Plc., which began business in October of that year, purchased 10,000 units of a toy at a cost of 10 per unit in October. The toy sold well in October. In anticipation of heavy December sales, Accent purchased 5,000 additional units in November at a cost of 11 per unit. During 2009, Accent sold 12,000 units at a price of 15 per unit. Under the first in, first out (FIFO) method, what is Accents cost of goods sold for 2009?
10,000 units purchased in October at 10 per unit = 100,000
2,000 units purchased in November at 11 per unit= 22,000
Total cost of goods sold in 2009 under FIFO= 122,000
5. Using the same information as the previous question, what would Accents cost of goods sold be under the weighted average cost method?
I need help with number 5
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