Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

answer all in formula please 1 Calculate cost of ending inventory and cost of goods sold using periodic FIFO, LIFO, and weighted Average Cost methods

answer all in formula please
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
1 Calculate cost of ending inventory and cost of goods sold using periodic FIFO, LIFO, and weighted Average Cost methods B D Better Bottles, Inc., uses a periodicnventory system and has the following information available: # of Units Cost per Unit 20 $ 20.00 $ 27 22.00 Description Beginning Inventory Jan. 15 Purchase Jan. 20 Purchase Goods Available for Sale Less: January Sales Ending Inventory Total Cost 400.00 594.00 990.00 1,984.00 33 30.00 80 $ 36 44 Required: 1) Calculate both the Ending Inventory and cost of Goods Sold using Periodic FIFO. 3 5 FIFO Ending Inventory # of Units Cost per Unit Total Cost Description Jan. 20 Purchase Jan. 15 Purchase 3 44 1 2 Description 3 Beginning Inventory FIFO Cost of Goods Sold # of Units Cost per Unit Total Cost 2 Required: 31) Calculate both the Ending Inventory and Cost of Goods Sold using Periodic FIFO. FIFO Ending Inventory # of Units Cost per Unit Total Cost 5 16 Description 17 Jan. 20 Purchase 18 Jan. 15 Purchase 19 20 44 21 FIFO Cost of Goods Sold # of Units Cost per Unit Total Cost 22 Description 23 Beginning Inventory 24 Jan. 15 Purchase 25 36 26 27 2) Calculate both the Ending Inventory and Cost of Goods Sold using Periodic LIFO. 28 29 LIFO Ending Inventory # of Units Cost per Unit Total Cost 30 Description 31 Beginning Inventory 32 Jan. 15 Purchase 33 44 LIFO Cost of Goods Sold # of Units Cost per Unit Total Cost Description Jan. 20 Purchase Jan. 15 Purchase 36 1 3) Using Periodic Weighted Average, first calculate the cost per unit using the formula below. 2 Next, apply that same cost per unit to calculate both the Ending Inventory and Cost of Goods Sold. 3 14 15 Weighted Average Cost = 16 Cost of Goods Available for Sale Number of Units Available for Sale 47 per unit 48 49 Weighted Average Ending Inventory of Units Cost per Unit Total Cost 50 51 52 53 Weighted Average cost of Goods Sold # of Units Cost per Unit Total Cost 54 55 4) Use the given information and your calculated numbers to complete the cost of Goods Sold Equation below for all three inventory methods. (All numbers should be positive.) FIFO LIFO Wtd. Avg. Beginning Inventory Add: Purchases Goods Available for Sale Less: Ending Inventory Cost of Goods Sold

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_2

Step: 3

blur-text-image_3

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

ISE Managerial Accounting

Authors: Ray H. Garrison, Eric Noreen, Peter C. Brewer

17th Edition

1260575683, 9781260575682

More Books

Students also viewed these Accounting questions

Question

Define critical thinking. (p. 231)

Answered: 1 week ago