Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

From the following inventory information, calculate the dollar amounts in cost of goods sold and ending inventory for the month under various cost flow assumptions.

From the following inventory information, calculate the dollar amounts in cost of goods sold and ending inventory for the month under various cost flow assumptions. assume periodic inventory is used and round any unit costs for weighted average to four decimals. round ending inventory and cost of goods sold to the nearest dollar.

1/1 Begin with 200 units @ $6.00

1/6 Bought 170 units @ $7.00

1/8 Sold 150 units @ $10.00

1/11 Bought 190 units @ $8.00

1/15 Sold 230 units @ $12.00

1/20 Bought 150 units @ $9.00

1/29 Sold 100 units @ $14.00

FIFO EI _______________ COGS _______________

LIFO EI _______________ COGS _______________

Weighted Average EI _______________ COGS _______________

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_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

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

Get Started

Recommended Textbook for

The Complete Guide To Operational Auditing

Authors: Harry R. Reider

1st Edition

0471594199, 978-0471594192

More Books

Students also viewed these Accounting questions