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can you answer question 2 thanks Q1) Using the information below, determine the cost of Goods Sold for the month regarding Inventory Item #101: #
can you answer question 2 thanks
Q1) Using the information below, determine the cost of Goods Sold for the month regarding Inventory Item #101: # of Units Cost / Unit Total Feb 1, 2020 - Beginning Inventory 100 $10.00 $1,000.00 Feb 6, 2020 - Purchase Inventory 50 $12.00 $600.00 Feb 8, 2020 - Sold Inventory 70 ??? ??? Feb 15, 2020 - Purchased Inventory 100 $13.00 $1,300.00 Feb 20, 2020 - Sold Inventory 100 ??? ??? REQUIRED: A) Determine Cost of Goods Sold using FIFO B) Determine Cost of Goods Sold using Weighted Average Q#2) Using the information below, determine whether there are any adjustments needed to the records. Units 15 20 Inventory item Unit Cost Net Realizable per Unit SKU 11000 $100.00 $95.00 SKU 11020 $80.00 $85.00 SKU 11050 55 $110.00 $101.00 REQUIRED: A) Calculate LCNRV as a whole fassuming the items are similar) B) Calculate LCNRV applied separately to each product C) Prepare JE for Requirement BStep by Step Solution
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