Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

LLC Company had a beginning inventory of 600 units of Product Ribo at a cost of $8 per unit . During the year, purchases were:

LLC Company had a beginning inventory of 600 units of Product Ribo at a cost of $8 per unit. During the year, purchases were:

Date

Explanation

Units

Unit cost

Jan 10

Purchase

600 units

$9

May 5

Purchase

500 units

$10

Aug 12

Purchase

300 units

$11

Dec 8

Purchase

200 units

$12

Sales totaled 1,700 units. LLC Company uses a periodic inventory system.

Requirements:

(a) Determine the cost of goods available for sale.

(b) Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods FIFO, LIFO and Weighted Average.

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

Auditing Markets Products And Marketing

Authors: David Parmerlee

1st Edition

0658001337, 978-0658001338

More Books

Students also viewed these Accounting questions

Question

1. Outline the listening process and styles of listening

Answered: 1 week ago

Question

4. Explain key barriers to competent intercultural communication

Answered: 1 week ago