Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Exercise 6-14A Periodic: Cost flow assumptions LO P3 Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory
Exercise 6-14A Periodic: Cost flow assumptions LO P3 Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 510 units170 from each of the last three purchases. Jan. 1 Beginning inventory Mar. 7 Purchase July 28 Purchase Oct. 3 Purchase Dec. 19 Purchase Totals 270 units @ $4.80 $ 1,296 580 units @ $5.75 3,335 1,220 units @ $5.30 = 6,466 1,100 units @ $5.60 = 6,160 600 units @ $5.80 3,480 3,770 units $ 20,737 (a-d) Determine the cost assigned to ending inventory and to cost of goods sold for the following. (Do not round intermediate calculations and round your answers to 2 decimal places.) This is a numeric cell, so please (a) Specific identification enter numbers only. (b) Weighted average (c) FIFO (d) LIFO
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