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FIFO LIFO AVERAGE COST, SHORT QUESTION PLEASE HELP I NEED THE CORRECR ANSWER ASAP, problem info is on sheet 1 HOMEWORK CHAPTER 6 PROBLEM 8
FIFO LIFO AVERAGE COST, SHORT QUESTION PLEASE HELP I NEED THE CORRECR ANSWER ASAP, problem info is on sheet 1
HOMEWORK CHAPTER 6 PROBLEM 8 Name: 1. FIFO: Description Beginning Inventory Units x Inventory Balance Unit Cost = Total Units 0 $0 $ - 0 0 0 $0 $0 $ $ $ - 0 0 0 $0 $0 $ $ $ - 0 0 0 0 $0 $0 $0 $ $ $ $ - 0 0 0 0 0 $0 $0 $0 $0 $ $ $ $ $ 0 0 0 0 0 0 $0 $0 $0 $0 $0 0 0 0 0 0 0 $0 $0 $0 $0 $0 x Cost of Goods Sold Unit Cost = Total After Purchase 1: Units from beginning inventory Units from purchase 1 Total After Sale 1: Units from beginning inventory Units from purchase 1 Total 0 0 0 $0 $0 0 0 0 0 0 $0 $0 $0 $0 $ $ - $ - $ $ $ $ - $ $ - After Purchase 2: Units from beginning inventory Units from purchase 1 Units from purchase 2 Total - After Purchase 3: Units from beginning inventory Units from purchase 1 Units from purchase 2 Units from purchase 3 Total - After Purchase 4: Units from beginning inventory Units from purchase 1 Units from purchase 2 Units from purchase 3 Units from purchase 4 Total $ $ $ $ $ $ - $ $ $ $ $ - - After Sale 2: Units from beginning inventory Units from purchase 1 Units from purchase 2 Units from purchase 3 Units from purchase 4 Total $ - Total cost of goods sold LIFO: Inventory Balance Description Beginning Inventory Units x Unit Cost Cost of Goods Sold = Total Units 0 $0 $ - 0 0 0 $0 $0 $ $ $ - 0 0 0 $0 $0 $ $ $ - 0 0 0 0 $0 $0 $0 $ $ $ $ - 0 0 0 0 0 $0 $0 $0 $0 $ $ $ $ $ - 0 0 0 0 0 0 $0 $0 $0 $0 $0 $ $ $ $ $ $ - 0 0 0 0 0 0 $0 $0 $0 $0 $0 $ $ $ $ $ - x Unit Cost = Total After Purchase 1: Units from beginning inventory Units from purchase 1 Total After Sale 1: Units from beginning inventory Units from purchase 1 Total 0 0 0 $0 $0 $ $ $ - 0 0 0 0 $0 $0 $0 $ $ $ $ - After Purchase 2: Units from beginning inventory Units from purchase 1 Units from purchase 2 Total - After Purchase 3: Units from beginning inventory Units from purchase 1 Units from purchase 2 Units from purchase 3 Total - After Purchase 4: Units from beginning inventory Units from purchase 1 Units from purchase 2 Units from purchase 3 Units from purchase 4 Total - After Sale 2: Units from beginning inventory Units from purchase 1 Units from purchase 2 Units from purchase 3 Units from purchase 4 Total $ - Total cost of goods sold $ - Average Cost: Description Beginning Inventory After Purchase 1: Units from beginning inventory Units from purchase 1 Total Average cost per unit After Sale 1: After Purchase 2: Units on hand just prior to purchase Units from purchase 2 Total Units x Total Total $ - 0 0 0 $0 $0 $ $ $ - 0 0 0 0 #DIV/0! #DIV/0! #DIV/0! $0.0000 #DIV/0! $ #DIV/0! #DIV/0! $ #DIV/0! #DIV/0! $ #DIV/0! #DIV/0! x Cost of Goods Sold Unit Cost = Total 0 #DIV/0! #DIV/0! 0 #DIV/0! #DIV/0! #DIV/0! 0 0 0 #DIV/0! $0.00 #DIV/0! 0 0 0 #DIV/0! $0.00 #DIV/0! New average cost per unit After Sale 2: Units $0 New average cost per unit After Purchase 4: Units on hand just prior to purchase Units from purchase 2 Total 0 New average cost per unit After Purchase 3: Units on hand just prior to purchase Units from purchase 2 Inventory Balance Unit Cost = 0 #DIV/0! #DIV/0! Total cost of goods sold #DIV/0! aug 1 inventory 40 units 8 purchase 50 units 22 purchase 35 units goods availible for sale 125 units aug 45 units 25 units 55 units inventory, aug 31. 15 sale 28 sale at 10 per unit at 11 at 12 $400 550 420 1370Step by Step Solution
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