Question
Calculate cost of goods sold and ending inventory for Emergicares bandages orders using FIFO, LIFO and average cost. There are 32 units in ending inventory.
Calculate cost of goods sold and ending inventory for Emergicare’s bandages orders using FIFO, LIFO and average cost. There are 32 units in ending inventory.
Note: Do not round intermediate calculations, such as average cost per unit values. Round your answers to the nearest cent.
Date | Units purchased | Cost per unit | Total cost |
---|---|---|---|
January 1 | 42 | $ 7.90 | $ 331.80 |
April 1 | 37 | 7.15 | 264.55 |
June 1 | 52 | 6.90 | 358.80 |
September 1 | 47 | 7.40 | 347.80 |
Total | 178 | $ 1,302.95 |
FIFO- cost of goods sold and ending inventory
LIFO- cost of goods sold and ending inventory
Average Cost- cost of goods sold and ending inventory
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Financial Accounting Information For Decisions
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