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An entity provided the following information: Units Unit cost Total cost Jan. 1 Beginning balance 10,000 150 1,500,000 5 Purchase 10,000 180 1,800,000 15 Sale
An entity provided the following information: Units Unit cost Total cost Jan. 1 Beginning balance 10,000 150 1,500,000 5 Purchase 10,000 180 1,800,000 15 Sale 15,000 16 Sale return 1,000 25 Purchase 4,000 200 800,000 26 Purchase return 2,000 200 400,000 1. Under FIFO, what amount should be reported as cost of goods sold? a. 2,220,000 b. 2,620,000 c. 2,500,000 d. 2,900,000 2. Under weighted average, what amount should be reported as ending inventory? a. 1,345,440 b. 1,366,640 c. 1,413,360 d. 1,432,000
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