Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Kingbird, Inc. had a beginning inventory of 105 units of Product RST at a cost of $7 per unit. During the year, purchases were: Feb.

image text in transcribed

Kingbird, Inc. had a beginning inventory of 105 units of Product RST at a cost of $7 per unit. During the year, purchases were: Feb. 20 May 5 670 units at $8 505 units at $9 Aug, 12 Dec. 8 490 units at $10 105 units at $11 Kingbird uses a periodic inventory system. Sales totaled 1,500 units. Your answer is correct. Determine the cost of goods available for sale. The cost of goods available for sale $ 16695 Calculate Average Cost. (Round answer to 3 decimal places, e.g. 5.125.) Average Cost $ 8.904 e Textbook and Media List of Accounts - 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 0 decimal places, e.g. 150.) FIFO LIFO AVERAGE-COST 2895 16695 The ending inventory The cost of goods sold $ $ 3855 12840 $ $ 13800 e Textbook and Media List of Accounts

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_2

Step: 3

blur-text-image_3

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

Managerial Accounting Information For Decisions

Authors: Thomas L. Albright , Robert W. Ingram, John S. Hill

4th Edition

0324222432, 978-0324222432

More Books

Students also viewed these Accounting questions

Question

Timeline for final evaluation

Answered: 1 week ago

Question

How will it be used?

Answered: 1 week ago