Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

abu's magic carpets limited began the month of febuary 2022 with 1500 units of inventory at a cost of $ 50 each . during the

abu's magic carpets limited began the month of febuary 2022 with 1500 units of inventory at a cost of $ 50 each . during the month of febuary 2022, the store had the following inventory transactions.

no if units costd per unit

purchase feb 6th 3000 $55

purchase feb 15 th 4000 $60

purchase feb 25th 1500 $ 65

on feb 28th abu magic carpets sold 6000units of inventory at $ 140 each to customers

required a) calculate the cost of goods sold for feb 2022 & cost of inventory at feb 28 , 2022 using the fifo method.

B) cal the cost of goods sold for februray 2022 & cost of ending inventory at feb 28 , 2022 using the weighted average cost method .

c) cal the gross profit for feb 2022 using the fifo method

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

Managerial Accounting

Authors: Ronald W Hilton

7th Edition

0073022853, 978-0073022857

More Books

Students also viewed these Accounting questions

Question

Compare and contrast an ethic of rights and an ethic of care.

Answered: 1 week ago

Question

explain what is meant by the terms unitarism and pluralism

Answered: 1 week ago