Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I understand part A (I think?) and I filled out all of the info there but I don't understand B and C. Please help. Below
I understand part A (I think?) and I filled out all of the info there but I don't understand B and C. Please help. Below is the format that it has to be answered in:
P6-3B Smythe Company Inc. had a beginning inventory of 200 units of Product ERV at a cost of $6 per unit. During the year, purchases were Determine cost of goods sold and ending inventory using FIFO LIFO, and average-cost in a periodic inventory system and assess financial statement effects Jan. 24 Apr. 12 800 units at $7 400 units at $8 Aug. 19 Nov. 30 600 units at $9 350 units at $10 Smythe Company uses a periodic inventory system. Sales totalled 1,900 units (LO 2). AP Instructions (a) Determine the cost of goods available for sale (b) Determine the ending inventory and the cost of goods sold under each of the (b) Cost of goods sold: FIFO $14,500 LIFO $15,950 Average $15,281 assumed cost flow methods (FIFO, LIFO, and average-cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. (Round average unit cost to three decimal places.) (c) Which cost flow method results in the lowest inventory amount for the balance sheet? The lowest cost of goods sold for the income statementStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started