Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Inventory Costing Methods Oppenheimer Inc. reported the following information for the month of August: Inventory, August 1 69 units @ $24 Purchase: August 7 47
Inventory Costing Methods Oppenheimer Inc. reported the following information for the month of August: Inventory, August 1 69 units @ $24 Purchase: August 7 47 units @ $25 August 18 67 units @ $27 August 27 38 units @ $28 During August, Oppenheimer sold 145 units. The company uses a periodic inventory system. Required: What is the value of ending inventory and cost of goods sold for August under the following assumptions. Assumption Cost of Goods Sold Ending Inventory 1. Of the 145 units sold, 58 cost $24, 33 cost $25, 50 cost $27, and 4 cost $28. $ 2. FIFO $ m! 3. LIFO $ $ 4. Weighted average method (Round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest dollar.)
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