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Can you please show calculations? Problem 1 Beginning inventory and purchases for September for Elizabeth Co. are shown below. Date Quantity Unit price Beginning 400
Can you please show calculations?
Problem 1 Beginning inventory and purchases for September for Elizabeth Co. are shown below. Date Quantity Unit price Beginning 400 $ 82 Sept. 2 800 $ 89 Sept. 11 650 $92 Sept. 24 840 $104 Sept. 26 960 $108 a. The company sold 1,400 units on Sept. 17 and uses a perpetual inventory system. Compute the amount of cost of goods sold and ending inventory under each of the following cost flow methods. Cost of Goods Sold Ending Inventory (1) FIFO (2) LIFO (3) Average b. If the 1,400 units were sold for $200 each, prepare the journal entry or entries required for the sale and cost of goods sold on Sept. 15, using your answer above for average costStep by Step Solution
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