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Make the journal entries for the FIFO, LIFO and Weighted Average transactions. FIFO LIFO weighted average Cost of Good Sold 1-Dec 4-Dec 5-Dec 30 30
Make the journal entries for the FIFO, LIFO and Weighted Average transactions.
FIFO LIFO weighted average Cost of Good Sold 1-Dec 4-Dec 5-Dec 30 30 10 750 10 30 7-Dee 27 25 10 30 15-Dec 750 27 28 20-Dec 485 Total Inventory on hand ending Inveony ,850 Total COGS FIFO LIFO weighted average Cost of Good Sold 4- Dec 5-Dee 750 10 7-Dee 540 25 15-Dec 625 125 20-Dec 28 10 125 Total Purchases 1,850 Total COGs 465 Total Inventory on hand ending Invenory 985 FIFO LIFO weighted average of Good Sel on Hand 1-Dee 4-Dec 30 30 300 30 25 40 26.25 ,080otalt 20 1,590-> totale 15-Dec 26.5 1,192. 15 26.5 397.5 20 28 35 2736 957.6 total cost Total Purchases 850 Total COGS ,492.5 Total Inventory on hand 9576 Step by Step Solution
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