Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Jan 1 units purchased 40 for $4 dollar each, unit cost $160 total cost $160. April 1 units purchased 60, each $7 dollars, unit cost
Jan 1 units purchased 40 for $4 dollar each, unit cost $160 total cost $160. April 1 units purchased 60, each $7 dollars, unit cost $420 total cost $420. Jun 1 units purchased 50,$8 dollars each, unit cost $400 and total cost $ 400. Nov 1, units purchased 55, $9 dollar each , unit cost $495 total cost $495. Ending inventory was 61 units. Using flowing methods 1.weighted average,2.fifo,3.lifo. Calculate the cost of ending inventory , the cost of goods sold.
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