Answered step by step
Verified Expert Solution
Question
1 Approved Answer
E7-4 (Algo) FIFO Inventory Calculations [LO 7-3] Nigam & Roy, Incorporated began operating on June 26 with no inventory on hand. It then made
E7-4 (Algo) FIFO Inventory Calculations [LO 7-3] Nigam & Roy, Incorporated began operating on June 26 with no inventory on hand. It then made the purchases listed below. Nigam & Roy, Incorporated sold and delivered 52 units on June 30. Description Purchase Date June 27 June 28 Purchase June 29 Purchase Required: Units 16 Unit Cost $ 8.80 Total Cost $ 140.80 40 9.80 392.00 24 11.80 283.20 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory at June 30 3. Calculate the cost of ending inventory and the cost of goods sold under FIFO. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the number and cost of goods available for sale. (Do not round intermediate values. Round your "Cost of Goods Available for Sale" answer to 2 decimal places.). Number of Goods Available for Sale Cost of Goods Available for Sale units
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