Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

From the following, calculate the cost of ending inventory and cost of goods sold for the FIFO method, ending inventory is 56 units. (Round your

From the following, calculate the cost of ending inventory and cost of goods sold for the FIFO method, ending inventory is 56 units. (Round your answers to the nearest cent.)

Beginning inventory and purchases Units Unit cost
January 1 4 $ 1.80
April 10 11 2.30
May 15 11 2.80
July 22 16 3.05
August 19 17 3.80
September 30 21 4.00
November 10 31 4.20
December 15 17 4.60

Cost of ending inventory?_____________

Cost of goods sold?_________________

From the following, calculate the cost of ending inventory and cost of goods sold for the weighted-average method, ending inventory is 57 units. (Round your intermediate calculations and final answers to the nearest cent.)

Beginning inventory and purchases Units Unit cost
January 1 4 $ 2.80
April 10 11 3.30
May 15 11 3.80
July 22 16 4.05
August 19 17 4.80
September 30 21 5.00
November 10 31 5.20
December 15 17 5.60

Cost of ending inventory?_________________

Cost of goods sold?_____________________

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions