Answered step by step
Verified Expert Solution
Question
1 Approved Answer
March 1: Purchase 100 units, $50 each March 5: Purchase 400 units, $55 each March 9: Sales 420 units, $85 each March 18: Purchase 120
March 1: Purchase 100 units, $50 each
March 5: Purchase 400 units, $55 each
March 9: Sales 420 units, $85 each
March 18: Purchase 120 units, $60 each
March 25: Purchase 200 units, $62 each
March 29: Sales 160 units, $95 each
ATV Co began operations on March 1 and uses a perpetual Inventory system. It entered into purchases and sales for March as shown in the Tableau Dashboard March Wednesday Sunday Monday Tuesday stay aday Saturday Legend No Purchases or Sal. Purchases Sales 2 26 29 1. Compute the cost assigned to ending Inventory using FIFO. 2. Compute the cost assigned to ending inventory using LIFO. 3. Compute the cost assigned to ending inventory using Weighted Average. 1. Compute the cost assigned to ending Inventory using FIFO. 2. Compute the cost assigned to ending inventory using LIFO 3. Compute the cost assigned to ending inventory using Weighted Average. Complete this question by entering your answers in the tabs below. Required Required Required 2 Compute the cost assigned to ending inventory using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold # of Cost per of units Cost per Cost of Goods Date units unit sold unit Sold March 1 | 100 $ 50.00 March 5 Inventory Balance o le Cost per Inventory 5 unit Balance 1001 @ S 50.00 = $ 5,000.00 March 9 March 18 March 25 Required Required Required Compute the cost assigned to ending inventory using Weighted Average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance Date of Cost per of units Cost per Cost of Goods Cost per Inventory units unit sold unit Sold unit Balance March 1 1 001 s 50.000 T L 1001 @ S 50.001 = S 5.000.000 March 5 Average March 9 March 18 Average March 25 March 29 TotalsStep 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