Erie Jewelers sells gold earrings. Its beginning inventory of Model 407 gold earrings consisted of 100 pairs of earrings at $50 per pair. Erie purchased two batches of Model 407 earrings during the year. The first batch purchased consisted of 150 pairs at $53 per pair; the second batch consisted of 180 pairs at $56 per pair. During the year, Erie sold 335 pairs of Model 407 earrings. Required Determine the amount of product cost Erie would allocate to cost of goods sold and ending inventory assuming that Erie uses (a) FIFO, (b) LIFO, and (c) weighted average. Complete this question by entering your answers in the tabs below. Required A Required B Required C Determine the amount of product cost Erie would allocate to cost of goods sold and ending inventory assuming that Erie uses FIFO. FIFO Pairs Cost per Pair Cost of Goods Sold $ 0 @ @ 0 @ = 0 Total pairs sold 0 S 0 Ending inventory Erie Jewelers sells gold earrings. Its beginning inventory of Model 407 gold earrings consisted of 100 pairs of earrings at $50 per pair. Erie purchased two batches of Model 407 earrings during the year. The first batch purchased consisted of 150 pairs at $53 per pair; the second batch consisted of 180 pairs at $56 per pair. During the year, Erie sold 335 pairs of Model 407 earrings. Required Determine the amount of product cost Erie would allocate to cost of goods sold and ending inventory assuming that Erie uses (a) FIFO, (b) LIFO, and (c) weighted average. Complete this question by entering your answers in the tabs below. Required A Required B Required C Determine the amount of product cost Erie would allocate to cost of goods sold and ending inventory assuming that Erie uses LIFO. LIFO Pairs Cost per Pair Cost of Goods Sold @ S 0 0 0 Total pairs sold 0 S 0 Ending inventory Erie Jewelers sells gold earrings. Its beginning inventory of Model 407 gold earrings consisted of 100 pairs of earrings at $50 per pair. Erie purchased two batches of Model 407 earrings during the year. The first batch purchased consisted of 150 pairs at $53 per pair; the second batch consisted of 180 pairs at $56 per pair. During the year, Erie sold 335 pairs of Model 407 earrings. Required Determine the amount of product cost Erie would allocate to cost of goods sold and ending inventory assuming that Erie uses (a) FIFO, (b) LIFO, and (c) weighted average. Complete this question by entering your answers in the tabs below. Required A Required B Required C Determine the amount of product cost Erie would allocate to cost of goods sold and ending inventory assuming that Erie uses the weighted average method. (Do not round intermediate calculation and round final answers to nearest whole dollar.) Goods Available for Sale Total Pairs = Cost per Pair 0 Cost of goods sold Ending inventory
