Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Content Area Smart Tech's beginning inventory and purchases for the month of August were as follows: # of Units Cost per Unit Amount Beginning inventory
Content Area Smart Tech's beginning inventory and purchases for the month of August were as follows: # of Units Cost per Unit Amount Beginning inventory 600 $7.00 $4,200 First purchase 400 $7.50 3,000 Second purchase 500 $8.00 4,000 Third purchase 300 $8.75 2,625 Number of units available for sale 1,800 $13,825 On hand 400 Number of units sold 1,400 Required: Calculate the total amount to be assigned to cost of goods sold and ending inventory for August 31, using each of the following methods. For the weighted-average method, round the average unit cost to two decimal places. Round all final answers to the nearest dollar. Cost of Goods Sold Ending Inventory a. First-in, first-out (FIFO) $fill in the blank 1 $fill in the blank 2 b. Last-in, first-out (LIFO) $fill in the blank 3 $fill in the blank 4 c. Weighted-average cost $fill in the blank 5 $fill in the blank 6
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