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Fresh Packaging Company had a beginning inventory of 12,000 units and purchased 15,000 units during the year. Sales for the year totalled 13,000 units at
Fresh Packaging Company had a beginning inventory of 12,000 units and purchased 15,000 units during the year. Sales for the year totalled 13,000 units at $8 per unit. Based on the information below calculate cost of goods sold and ending inventory dollar values based on FIFO. Available Units Unit Price for Sale Ending Inventory Beginning Inventory - October 3,000 $3.00 Beginning Inventory - November 3,000 $3.10 Beginning Inventory - December 6,000 $3.20 Purchases - April 4,000 $2.80 Purchases - June 11,000 $3.00 Totals 27,000 $ - $ - 0 Sales 13,000 $ - Ending Inventory 14,000 $ - Calculate Cost of Goods Sold and Ending inventory dollar values A. Cost of Goods Sold B. Ending Inventory Dollar Value NOTE: Recommend creating a table for calculations
| Fresh Packaging Company had a beginning inventory of 12,000 units and purchased 15,000 units | |||||
| during the year. Sales for the year totalled 13,000 units at $8 per unit. Based on the information below | |||||
| calculate cost of goods sold and ending inventory dollar values based on FIFO. | |||||
| Available | |||||
| Units | Unit Price | for Sale | Ending Inventory | ||
| Beginning Inventory - October | 3,000 | $3.00 | |||
| Beginning Inventory - November | 3,000 | $3.10 | |||
| Beginning Inventory - December | 6,000 | $3.20 | |||
| Purchases - April | 4,000 | $2.80 | |||
| Purchases - June | 11,000 | $3.00 | |||
| Totals | 27,000 | $ - | $ - | 0 | |
| Sales | 13,000 | $ - | |||
| Ending Inventory | 14,000 | $ - | |||
| Calculate Cost of Goods Sold and Ending inventory dollar values | |||||
| A. Cost of Goods Sold | |||||
| B. Ending Inventory Dollar Value | |||||
| NOTE: Recommend creating a table for calculations |
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Financial And Managerial Accounting For MBAs
Authors: Peter D. Easton
6th Edition
1618533592, 9781618533593
