Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need this fully completed with step (b)as well. need it right away. Your answer is partially correct. Swifty Hardware reported cost of goods sold

image text in transcribedimage text in transcribedimage text in transcribed

I need this fully completed with step (b)as well. need it right away.

Your answer is partially correct. Swifty Hardware reported cost of goods sold as follows. 2022 Beginning inventory Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold 2021 $ 21,500 153,000 174,500 31.000 $143.500 $ 31,000 203,500 234,500 35,000 $199.500 Swifty made two errors: (1) 2021 ending inventory was overstated by $3,600, and (2) 2022 ending inventory was understated by $6,550. Compute the correct cost of goods sold for each year. 2021 2022 Cost of goods sold $ 147.100 $ 192.950 e Textbook and Media Save for Later Attempts: unlimited Submit Answer X Your answer is incorrect. Novak sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating to Novak's purchases of EZslide snowboards during September. During the same month, 104 EZslide snowboards were sold. Novak uses a periodic inventory system. Date Units 12 45 Unit Cost $106 109 Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Inventory Purchases Purchases Purchases Totals Total Cost $. 1.272 4,905 5.720 2.220 $14.117 110 52 20 12 111 Compute the ending inventory at September 30 and the cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5.125.) FIFO LIFO Average-cost The ending inventory at September 30 $ $ $ Cost of goods sold $ $ e Textbook and Media Save for Later Attempts: unlimited Submit Answer Pharoah Company uses a periodic inventory system and reports the following for the month of June. Date June 1 12 23 30 Explanation Inventory Purchase Purchase Units 120 330 200 204 Unit Cost $5 6 Total Cost $ 600 1.980 1,400 7 Inventory (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,125.) FIFO LIFO Average-cost $ $ $ Cost of the ending inventory Cost of goods sold $ $ $ e Textbook and Media Save for Later Attempts: unlimited Submit Answer (b) The parts of this question must be completed in order. This part will be available when you complete the part above

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

Recommended Textbook for

Sovereign Debt Crisis The New Normal And The Newly Poor

Authors: D. Chorafas

1st Edition

0230298400, 9780230298408

More Books

Students also viewed these Accounting questions