Answered step by step
Verified Expert Solution
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.
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
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