FIFO of COST OF GOODS SOLD and ENDING INVENTORY

Problem 6-11A (Part Level Submission) The Baby Store had a beginning inventory on January 1 of 300 full-size strollers at a cost of $180 per unit. During the year, the following purchases were made: Units Unit Cost $181 Mar. 15 July 20 Sept. 4 Dec. 2 60 25 11 180 178 173 At the end of the year, there were 36 units on hand. The Baby Store uses a periodic inventory system. (a) Your answer is correct. Determine the cost of goods available for sale. Cost of goods available for sale 85,271 85,271 SHOW SOLUTION SHOW ANSWER LINK TO TEXT Attempts: 2 of 3 used Your answer is correct. During the year, The Baby Store sold the strollers for $330 per unit. Calculate the number of units sold during the year and total sales revenue. Number of units sold T 438 units Sales revenue $ 144,540 SHOW SOLUTION SHOW ANSWER LINK TO TEXT Attempts: 2 of 3 used (c) Your answer is partially correct. Try again. Determine the cost of the ending inventory and the cost of goods sold using (1) FIFO and (2) weighted average. (Round the weighted average cost per unit to two decimal places and final answers to 0 decimal places, e.g. 5,275.) FIFO Weighted average 78,794.72 Cost of goods sold Ending inventory T 6,476.27 LINK TO TEXT Attempts: 1 of 3 used