Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Below is a schedule tracking the inventory of alarm clocks at Azziz's Alarms for the month of February: Date Transaction Feb 1 Beginning Inventory
Below is a schedule tracking the inventory of alarm clocks at Azziz's Alarms for the month of February: Date Transaction Feb 1 Beginning Inventory 10 Purchase 13 Sale 25 Purchase 27 Sale Units Unit Purchase Price Unit Sales Price 5 $13.00 4 14.50 (6) 2 (4) $15.00 $25.00 $26.00 a) Using the inventory schedule provided, calculate the total cost of goods sold and ending inventory for the month of February, using the FIFO costing method. Complete the boxes to show the final COGS and Ending Inventory. b) Using the inventory schedule provided, calculate the total cost of goods sold and ending inventory for the month of February using the average cost method. Round to 2 decimal places (you can use the less decimals button). Complete the boxes to show the final COGS and Ending Inventory. c) At the end of the month (February 29) Azziz notes the following about his inventory of alarm clocks. Merchandise inventory in the ledger is recorded at 7,100. A physical count reveals an inventory of 6,875.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
a FIFO Costing Method First lets calculate the cost of goods sold CoGS 1 Beginning Inventory 5 units ...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
Document Format ( 2 attachments)
663db3b2009d1_963447.pdf
180 KBs PDF File
663db3b2009d1_963447.docx
120 KBs Word File
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started