Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
D 20 pts Question 11 Dazzle Diamonds makes plastic power that sparkles. They purchase diamonds by the gram and have asked you to help them
D 20 pts Question 11 Dazzle Diamonds makes plastic power that sparkles. They purchase diamonds by the gram and have asked you to help them valuate their inventory using three methods. Please use the data below: January Beginning Balance 35,800 pounds $13.78 per pound Purchase January 7th 72,650 pounds $8.74 per pound Purchase January 17th 95,620 pounds $7.93 per pound Purchase January 27th 81,340 pounds $8.00 per pound Purchase January 31st 45,070 pounds $12.85 per pound A physical inventory count revealed that there were 62,480 left in the warehouse and weren't sold. Calculate the inventory ending balance and cost of goods sold using the LIFO method. (2 answers required and round to two (2) decimal places.)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669e174c48d3e_683669e174bdc6d1.jpg)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started