Answered step by step
Verified Expert Solution
Question
1 Approved Answer
ignore my numbers, i don't know what i'm doing (D) Calculation of COGS and Ending Inventory Call_Mart Ine had the following transactions in its first
ignore my numbers, i don't know what i'm doing
(D) Calculation of COGS and Ending Inventory Call_Mart Ine had the following transactions in its first month of operations. Assume that beginning inventory =$0. Assume that Call-Mart Inc.'s 6,000 units of ending inventory consists of 1,000 units from the March 2 purchase. 3,000 from the March 15 purchase, and 2,000 from the March 30 purchase. 1. Calculate cost of goods available for sale. 2. Calculate Ending Inventory (EI) and Cost of Goods Sold (COGS) using (1) Specific Identification method, (2) A verage Cost method. (3) FIFO method, (4) LIFO method. (2) Average Cost Pughere drowet (i) Periodic Inventory System-weighted-Avernge Method 20004=8,000 6000.x+50=25700 2000x+.75=y0500 Vaits Q6 Avalalleforsole 1G0004.37 13, 30e Find. Inventary 6,0004.3)$(7,36026.340 (3) FIFO (4) LIFO 3. Which method shows the highest ending inventory? FIFa 27,100 4. Which method is in the middle of the road on both E/I and COGS? Averag e Cost 5. Which method shows the highest COGS? LIFO 6. What economic environment did this problem depict? R Sing Step 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