Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I'M HAVING A HARD TIME WITH THE SECOND PART OF THIS HOMEWORK QUESTION. I HAVE ATTACHED MY WORK AT THE BOTTOM. CAN YOU PLEASE EXPLAIN

I'M HAVING A HARD TIME WITH THE SECOND PART OF THIS HOMEWORK QUESTION. I HAVE ATTACHED MY WORK AT THE BOTTOM. CAN YOU PLEASE EXPLAIN WHAT I AM DOING WRONG?

image text in transcribed

image text in transcribed

image text in transcribed

Current Attempt in Progress Swifty Corporation had a beginning inventory of 120 units of Product RST at a cost of $7 per unit. During the year, purchases were: Feb. 20 May 5 630 535 units at units at $8 $9 Aug. 12 Dec. 8 445 120 units at units at $10 $11 Swifty uses a periodic inventory system. Sales totaled 1,500 units. Your answer is partially correct. Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to decimal places, e.g. 150.) FIFO LIFO AVERAGE-COST $ 2.520 $ 1800 $ 3115 The ending inventory The cost of goods sold $ 13945 $ 14665 $ 13,350 FIFO 350 1320 2520 13945 120 11 120 * 10 1200 350 LIFO 1800 14665 1207 120 8 840 960 350 1,500 AVERAGE-COST 3115 13350

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

Linguistic Auditing

Authors: Nigel Reeves, Colin Wright

1st Edition

1853593281, 978-1853593284

More Books

Students also viewed these Accounting questions

Question

9. Describe the characteristics of power.

Answered: 1 week ago

Question

3. Identify and describe nine cultural value orientations.

Answered: 1 week ago