Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
E6-11 Kelso Electrical's inventory records for industrial switches indicate the following at November 30, 2020: Nov. 1 Beginning inventory 14 units at $160 8 Purchase
E6-11 Kelso Electrical's inventory records for industrial switches indicate the following at November 30, 2020: Nov. 1 Beginning inventory 14 units at $160 8 Purchase 4 units at $170 15 Purchase 11 units at $180 26 Purchase 5 units at $200 The physical count of inventory at November 30, 2020, indicates that six units remain in ending inventory and the company owns them. Required Compute ending inventory and cost of goods sold using each of the following methods, assuming a periodic inventory system is used: 1. Specific-unit cost, assuming three $170 units and three $180 units are on hand on November 30, 2020 2. Weighted average cost 3. First-in, first-out (FIFO) 3 Computing ending inventory by applying three inventory costing methods in a periodic inventory system 3. FIFO cost of goods sold, $4,770
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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