Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Jan. 1 Beginning inventory 820 units @ $40/unit Feb. 10 Purchase 500 units @ $35/unit Mar. 13 Purchase 210 units @ $20/unit Mar. 15 Sales
Jan. 1 Beginning inventory 820 units @ $40/unit Feb. 10 Purchase 500 units @ $35/unit Mar. 13 Purchase 210 units @ $20/unit Mar. 15 Sales 820 units @ $65/unit Aug. 21 Purchase 180 units @ $49/unit Sept. 5 Purchase 575 units @ $45/unit Sept. 10 Sales 680 units @ $65/unit Totals 2,285 units 1,500 units Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) specific identificationunits sold consist of 145 units from beginning inventory, 135 from the February 10 purchase, 60 from the March 13 purchase and 445 from the September 5 purchase, and (d) weighted average. (Round all per unit costs to 3 decimal places. Do not round intermediate calculations. Round your final answers to the nearest dollar amount. (a) FIFO Cost of goods available for sale $ Cost of sales Ending Inventory $ (b) LIFO Cost of goods available for sale $ Cost of sales Ending Inventory $ (c) Specific Identification Cost assigned to ending inventory $ (d) Weighted Average Date Goods Purchased Cost of Goods Sold Inventory Balance 1/1 $ 2/10 $ $ 3/13 $ $ 3/15 $ $ 8/21 $ $ 9/5 $ $ 9/10 $ $ -------------------------------------------------------------------------------- Requirement 4: Compute gross profit earned by the company for each of the four costing methods in Requirement 3. FIFO $ LIFO $ Specific Identification $ Weighted Average $
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