Answered step by step
Verified Expert Solution
Question
1 Approved Answer
compute the cost assigned to ending inventory using a.FIFO, b.LIFO, c. weighted average, and d. specific identification. For specific id, units sold include 120 units
compute the cost assigned to ending inventory using a.FIFO, b.LIFO, c. weighted average, and d. specific identification. For specific id, units sold include 120 units from beginning inventory, 250 units ftom the March 5th purchase, 100 units from the March 18 purchase, and 140 units from the March 25 purchase
3. Compute the cost assigned to ending inventory using (o) FIFO, (b) LIFO, ( G weighted average, and ( d ) specific identification. For specific identification, units sold include 120 units from beginning inventory, 250 units from the March 5 purchase, 100 units from the March 18 purchase, and 140 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Compute the cost assigned to ending inventory using FIFO. Compute the cost assigned to ending inventory using FIFO. Compute the cost assigned to ending inventory using LiFo. \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|c|} \hline nowe & \# of units & \begin{tabular}{c} Cost per \\ unit \end{tabular} & \begin{tabular}{l} \# of units \\ sold \end{tabular} & Cost per unit & Cost of Goods Sold & H of uni & & & \begin{tabular}{l} it per \\ init \end{tabular} & Inv & entory Balance \\ \hline March 1 & & & & & & 210 & at & $ & 53.20 & = & $11,172.00 \\ \hline March 5 & & & & & & & & & & & \\ \hline & & & & H & & & & & & & \\ \hline Average March 5 & & & & & & & & & & & +2 \\ \hline March 9 & & & & & & & & & & & \\ \hline March 18 & & & & & & & & & & & E \\ \hline & & 1 & & & & & & & & & \\ \hline Average March 18 & & & & & & - & & & & & \\ \hline March 25 & & & & & & & & & & & \\ \hline & & & & & -1 & & & 47 & & E & \\ \hline Average March 25 & & & & & y & & & & & & \\ \hline March 29 & & & & & & & & & & & \\ \hline Totals & 7 & + & 4 & & 000 & & & & & & \\ \hline \end{tabular} 6. Perpetual LiFo Specific Id ? Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold include 120 units from begin units from the March 5 purchase, 100 units from the March 18 purchase, and 140 units from the March 25 purchase Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started