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I need help filling in the right side for chart the soultions are on the 2nd image NAME: COST PROBLEM INFO ACT UNITS PU BI
I need help filling in the right side for chart the soultions are on the 2nd image
NAME: COST PROBLEM INFO ACT UNITS PU BI 15 $5.00 PUR 35 $10.00 PUR 50 $7.50 PUR 20 $8.00 TOTALE 120 Ending inventory is 30 units and selling price is $ 15 pu. Calculate of goods sold and ending inventory using the 3 methods below: A. WEIGHTED AVERAGE COGS COST OF GOOD SOLD ENDING INVENTORY FOR CALCULATIONS ACT UNIT PU COST EI BI PUR PUR PUR TOTALS SELLING PRICE IS $15.00 PER UNIT SALES $ LESS COST OF GOOD SOLD GROSS PROFIT per unit WA COGS WA WA COGS COGS EI B. FIFO COST OF GOOD SOLD ENDING INVENTORY SALES LESS COST OF GOOD SOLD GROSS PROFIT FIFO FIFO FIFO C. COGS LIFO COST OF GOOD SOLD ENDING INVENTORY COGS LIFO LIFO LIFO SALES LESS COST OF GOOD SOLD GROSS PROFIT (A) Weighted Average Average cost = Total Cost/Units = 15*5 + 35*10 + 50*7.5 + 20*8 / 120 = 960 / 120 = $8 Ending Inventory = 30 Units Units Sold = 120-30 = 90 Selling Price = $15 per unit COGS = 90*8 = $720 El = 30*8 = $240 Sales = 90*15 = $1350 Less: COGS = 90*8 = $720 Gross Profit = $630 (B) FIFO COGS = 15*5 + 35*10 + 40*7.5 = $725 El = 10*7.5 + 20*8 = $235 Sales = 90*15 = $1350 Less: COGS = $725 Gross Profit = $625 (C) LIFO COGS = 20*8 + 50*7.5 + 20*10 = $735 El = 15*5 + 15*10 = $225 Sales = 90*15 = $1350 Less: COGS = $735 Gross Profit = $615 = Step by Step Solution
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