Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Big Fish Company's inventory records for its retail division show the following at October 31: (Click the icon to view the counting records.) At October

image text in transcribed
Big Fish Company's inventory records for its retail division show the following at October 31: (Click the icon to view the counting records.) At October 31, 11 of these units are on hand. Read the Requirement 1. Compute cost of goods sold and ending inventory, using each of the following four inventory methods Begin by entering the number of units sold and number of units in ending inventory. Then calculate cost of goods sold and ending inventory using (a) specife identification, then (b) average cost, then(e) FIFO and Analy (d) UFO (Round the average cost per unit to the nearestent. Round a final answers to the nearest whole dollar) It LO Number (a) (b) (d) of units Specific identiflotion Average cost FIFO Cost of goods sold 10 3 2.735 3 2,720 5 2.005 3 2.773 Ending inventory 11 5 1,856 5 1,870 1,025 3 1.817 Requirement 2 which method produces the highest cost of goods sold? Which method produces the lowest cost of goods sold? What causes the difference in cost of goods sold? Which method products the Nghest cost of goods sold? LIFO Which method produces the lowest cost of goods sold? FIFO The difference in cost of goods sold under the two methods identified above was caused by the increase in inventory unt cost Big Fish Company's inventory records for its retail division show the following at October 31: (Click the icon to view the counting records.) At October 31, 11 of these units are on hand. Read the Requirement 1. Compute cost of goods sold and ending inventory, using each of the following four inventory methods Begin by entering the number of units sold and number of units in ending inventory. Then calculate cost of goods sold and ending inventory using (a) specife identification, then (b) average cost, then(e) FIFO and Analy (d) UFO (Round the average cost per unit to the nearestent. Round a final answers to the nearest whole dollar) It LO Number (a) (b) (d) of units Specific identiflotion Average cost FIFO Cost of goods sold 10 3 2.735 3 2,720 5 2.005 3 2.773 Ending inventory 11 5 1,856 5 1,870 1,025 3 1.817 Requirement 2 which method produces the highest cost of goods sold? Which method produces the lowest cost of goods sold? What causes the difference in cost of goods sold? Which method products the Nghest cost of goods sold? LIFO Which method produces the lowest cost of goods sold? FIFO The difference in cost of goods sold under the two methods identified above was caused by the increase in inventory unt cost

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

Financial Accounting

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

3rd Edition

0471372668, 978-0471372660

More Books

Students also viewed these Accounting questions