Answered step by step
Verified Expert Solution
Question
1 Approved Answer
accounting problem 6 please complete full chart Jan. 1 Beginning inventory 600 units @ $40 per unit Feb. 10 Purchase 360 units @ $37 per
accounting problem 6 please complete full chart Jan. 1 Beginning inventory 600 units @ $40 per unit Feb. 10 Purchase 360 units @ $37 per unit Mar. 13 Purchase 150 units @ $25 per unit Mar. 15 Sales 765 units @ $80 per unit Aug. 21 Purchase 200 units @ $45 per unit Sept. 5 Purchase 580 units @ $42 per unit Sept. 10 Sales 780 units @ $80 per unit Totals 1,890 units 1,545 units
O Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold consist of 600 units from beginning inventory, 260 from the February 10 purchase, 150 from the March 13 purchase, 150 from the August 21 purchase, and 385 from the September 5 purchase. (Round your average cost per unit to 2 decimal places.) 3.57 Specific Identification: points Goods Purchased Cost of Goods Sold Inventory Balance Date # of Cost per units unit # of units Cost per Cost of Goods Sold Inventory sold unit # of units Cost per unit Balance eBook January 1 600 @ $40.00 = $ 24,000.00 February 10 360 @ $ 37.00 @ $ 37.00 eferences March 13 150 @ $ 25.00 @ @ $37.00 = @ $25.00 = March 15 Aug 21 200 @ $ 45.00 100 50 @ $ 45.00 Sep 5 580 @ $ 42.00 $ 45.00 @ $ 42.00 Sep 10 Totals S 0.00 Weighted Average places.) 4. Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 decimal FIFO LIFO Weighted Specific Sales Average Identification Less; Cost of goods sold Gross profit o $ 0 $ 0 $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