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I cant figure out tis entire Part 2 PLEASE ANSWER ALL QUESTIONS thanks :)! Part 2: During 2017, Smith & Co. sold 23,000 units of
I cant figure out tis entire Part 2 PLEASE ANSWER ALL QUESTIONS thanks :)!
Part 2: During 2017, Smith & Co. sold 23,000 units of its product. The following units were on hand or purchased during the vear: Beginning inventory (1/1/2017) Purchase #1: (3/2/17) Purchase #2: (7/15/17) Purchase #3: (11/31/17) Units 10,000 14,000 18,000 12,000 54,000 $13.50 $13.80 $14.10 $14.25 t per Total Cost $135,000 $193,200 $253,800 $171,000 $753,000 Total Available for Sale Less Sold Ending Inventory Required: In the table above, fill in the number of units sold and the number of units in Ending Inventory. Calculate ending inventory and cost of goods sold for the next 3 questions 1) If the company used the LIFO method, what is the value of ending inventory and cost of goods sold? 2) If the company used the FIFO method, what is the value of ending inventory and cost of goods sold? 3) If the company used the average cost method, what is the value of ending inventory and cost of goods sold? Please round your calculated average cost per unit to 4 decimals (example - $18.7915) Average Cost per unitStep by Step Solution
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