Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Check my wo 3. Compute the cost assigned to ending inventory using (a) FIFO (6) LIFO. (weighted average, and (c) specific identification. For specific identification,

image text in transcribed
image text in transcribed
Check my wo 3. Compute the cost assigned to ending inventory using (a) FIFO (6) LIFO. (weighted average, and (c) specific identification. For specific identification, units sold consist of 600 units from beginning inventory, 300 from the February 10 purchase, 200 from the March 13 purchase, 50 from the August 21 purchase, and 250 from the September 5 purchase. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold consist of 600 units from beginning inventory, 300 from the February 10 purchase, 200 from the March 13 purchase, 50 from the August 21 purchase, and 250 from the September 5 purchase. (Round your average cost per unit to 2 decimal places.) Specific Identification Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Goods # of units unit Available for Sale $ 45.00 $ 27.000 Cost per # of units Cost per sold unit Cost of Goods Sold # of units in ending inventory Cox per built Ending Inventory 600 545005 0 Beginning inventory Purchases Feb 10 March 13 300 $ 4200 400 $ 42.00 200 $ 27.00 an 16.800 5.400 12 600 0 100 $ 1200 $ 2700 Annn 4200 0 Pro 1 of 2 !! Next > WIVELUTY, JUU TUTTE reludly lu pururiase, LUU TULE MICII 13 punildse, JU FUHLITE Huyusi zi pururlase, anu purchase. (Round your average cost per unit to 2 decimal places.) Specific Identification Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Goods # of units unit Available for Sale 600 S 45.00 $ 27,000 Cost per Cost per # of units sold Cost of Goods Sold # of units in ending inventory Cost per unit unit Ending Inventory 0 $ 45.00 $ 0 Beginning inventory Purchases Feb 10 March 13 300 S. 42.00 12,600 100 $ 42.00 4.200 0 Aug 21 Sep 5 Total 400 $ 42.00 200 $ 27.00 100 $ 50.00 500 $ 46.00 1.800 16.800 5,400 5.000 23,000 $ 77,200 01 0 $ 27.00 $ 50.00 $ 46.00 0 0 300 $ 12.600 100 $ 4.200

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

More Books

Students also viewed these Accounting questions