Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 540
Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 540 units180 from each of the last three purchases.
Jan. | 1 | Beginning inventory | 280 | units | @ $5.20 | = | $ | 1,456 |
Mar. | 7 | Purchase | 600 | units | @ $6.25 | = | 3,750 | |
July | 28 | Purchase | 1,240 | units | @ $5.70 | = | 7,068 | |
Oct. | 3 | Purchase | 1,120 | units | @ $6.00 | = | 6,720 | |
Dec. | 19 | Purchase | 640 | units | @ $6.10 | = | 3,904 | |
Totals | 3,880 | units | $ | 22,898 | ||||
Determine the cost assigned to ending inventory and to cost of goods sold for the following. (Do not round intermediate calculations and round your answers to 2 decimal places.)
----Need help filling chart out this chart:
|
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