Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

B The beginning inventory was 340 units at a cost of $13 per unit. Goods available for sale during the year were 1,420 units

image text in transcribed

B The beginning inventory was 340 units at a cost of $13 per unit. Goods available for sale during the year were 1,420 units at a total cost of $19.980 In May, 640 units were purchased at a total cost of $8,960. The only other purchase transaction occurred during October Ending inventory was 610 units. Required: 6. Calculate the number of units purchased in October and the cost per unit purchased in October. Purchased in October Number of units Cost per unit b-1. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. (Enter all values as a positive value.) Cost of Goods Available for Sale Periodic FIFO # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost of Goods Sold Cost per unit Cost of Goods Sold # of units in ending inventory Inventory Balance Cost per unit Ending Inventory Beg Inventory Purchases May October Total Saved b-2. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. (Enter all values as a positive value.) Cost of Goods Available for Sale Cost of Goods Sold Inventory Balance Cost per unit Periodic LIFO # of Cost per units unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Ending Inventory Beg Inventory Purchases May October Total 13

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

College Accounting Chapters 1-27

Authors: James A. Heintz, Robert W. Parry

22nd Edition

130566616X, 978-1305666160

More Books

Students also viewed these Accounting questions