Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Flora's Gifts reported the following current-month data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 98
Flora's Gifts reported the following current-month data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 98 units69 units from the January 6 purchase, and 29 units from the January 25 purchase. Jan. 1 Beginning inventory Jan. 6 Purchase Jan. 17 Purchase Jan. 25 Purchase Totals 230 units 408 units 635 units 41 units 1,314 units @ $4.90 @ $4.70 @ $4.20 @ $3.90 = $1,127.00 1,917.60 2,667.00 159.90 $5,871.50 = Required: Determine the cost assigned to ending inventory and to cost of goods sold for the following. (Round average cost per unit and final answers to 2 decimal places.) Ending Inventory Cost of Goods Sold (a) Specific identification (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