Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Calculate the cost of goods sold dollar value for A65 Company for the month, considering the following transactions under three different cost allocation methods and

Calculate the cost of goods sold dollar value for A65 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO). Number of Units Unit Cost Sales Beginning inventory 900 $50 Purchased 500 52 Sold 360 $84 Sold 350 90 Ending inventory 690 FIFO (perpetual) Inventory Cost of Goods Purchased Cost of Goods Sold Number Number Cost of Inventory Remaining Number of Units Unit Cost Total Cost of units Unit Cost Total Cost of units Unit Cost Total Cost Beginning 900 50 45,000 Purchase 500 52 26,000 900 50 45,000 500 52 26,000 Sale 360 50 18,000 540 50 27,000 500 52 26,000 Sale 350 50 17,500 350 X 50 45,000 X 500 52 26,000 Total Purchases 26,000 Total COGS 52,800 X

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 Statements Self Study Guide

Authors: Azhar Ul Haque Sario

1st Edition

979-8223894605

More Books

Students also viewed these Accounting questions

Question

1. Select the job or jobs to be analyzed.

Answered: 1 week ago