Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Calculate cost of goods sold and ending inventory for Emergicares bandages orders using FIFO, LIFO and average cost. There are 37 units in ending inventory.

Calculate cost of goods sold and ending inventory for Emergicares bandages orders using FIFO, LIFO and average cost. There are 37 units in ending inventory. (Do not round intermediate calculations, such as average cost per unit values. Round your answers to the nearest cent.)

Date unit per/unit Total cost

January 1 51 $8.10 $413.10

April 1 46 7.35 338.10

June 1 61 7.10 433.10

September 1 56 7.60 425.60

Total 214 $ 1,609.90

Cost of goods sold Ending inventory

FIFO $ ____________ _______________

LIFO $ $ ______________ ______________

Average 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 Management In The Sport Industry

Authors: Matthew T Brown, Daniel Rascher, Mark S Nagel, Chad McEvoy

2nd Edition

9781621590118

More Books

Students also viewed these Accounting questions