Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

My answers seem wrong , can you check? Computing Cost of Sales and Ending Inventory Stocken Company has the following financial records for the current

My answers seem wrong , can you check?image text in transcribed

Computing Cost of Sales and Ending Inventory Stocken Company has the following financial records for the current period. Units Unit Cost Beginning Inventory $50 150 Purchases: #1 600 48 #2 500 46 #3 250 45 Ending inventory is 350 units. Compute the ending inventory and the cost of goods sold for the current period using (a) first-in, first out, (b) average cost, and (c) last-in, first out. (Hint: For average cost, round average cost per unit to two decimal places for calculation of ending inventory. Round to the nearest whole number. Cost of goods sold Cost of goods available for sale less ending inventory.) (a) First-in, first-out Ending inventory $ Cost of goods sold 15,850 54,700 (b) Average cost Ending inventory $ 16,462 Cost of goods sold 54,088 (c) Last-in, first-out Ending inventory $ 17,100 Cost of goods sold $ 53,450

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions