Question
Crystal Apple Company began its current fiscal year with inventory of $3,600 (which is 200 crystal apples that they bought from their supplier for $18
Crystal Apple Company began its current fiscal year with inventory of $3,600 (which is 200 crystal apples that they bought from their supplier for $18 each).
The following events occurred during the year.
Crystal Apple Company purchased additional inventory two more times.
The first purchase consisted of 800 crystal apples for $20 each.
The second purchase consisted of 1,200 crystal apples for $24 each.
Both purchases were made on account.
Crystal sold 2,040 apples during the year to customers at a retail price of $40 each, all paid in cash.
Determine the following:
The total crystal apple that was available for sale (in $ and #) for the year
The sales revenue (in $) for the crystal apples sold to customers
The ending inventory of crystal apple units (in #)
The cost of goods sold (CGS) (in $) using FIFO, LIFO, and Weighted Average
The ending inventory value of crystal apples (in $) under FIFO, LIFO, and Weighted Average
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