Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

I have to find the ending inventory and COGS with the LIFO and FIFO methods. The company has four purchases 1,000 units at $10 ea.

I have to find the ending inventory and COGS with the LIFO and FIFO methods.

The company has four purchases

1,000 units at $10 ea. Beginning Inventory $10,000
1,000 units at $10 ea. Purchase $10,500
500 units at $11 ea. Purchase $5,500
1,000 units at $11.25 ea. Purchase $11,250
Total: 3,500 units Total: 37,500

The ending inventory consists of 500 units, i.e, they sold 3,000 units.

In every video I watch to do this, they do not have leftovers and actually need to take away from other purchases. How can I solve this with 500 units when purchases are larger?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Recommended Textbook for

Entrepreneurship

Authors: Andrew Zacharakis, William D Bygrave

5th Edition

9781119563099

Students also viewed these Accounting questions

Question

Define self, self-image, and identity.

Answered: 1 week ago

Question

Explain all drawbacks of the application procedure.

Answered: 1 week ago

Question

Determine Leading or Lagging Power Factor in Python.

Answered: 1 week ago