Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Need help with these 4 questions, thank you. Given the following: Number purchased 39 59 Cost per unit $ 5 January 1 inventory April 1

image text in transcribedimage text in transcribed

Need help with these 4 questions, thank you.

Given the following: Number purchased 39 59 Cost per unit $ 5 January 1 inventory April 1 June 1 November 1 Total $ 195 472 441 540 $1,648 49 00019 10 54 201 a. Calculate the cost of ending inventory using the LIFO (ending inventory shows 60 units). Cost of ending inventory b. Calculate the cost of goods sold using the LIFO (ending inventory shows 60 units). Cost of goods sold If Exxon uses FIFO for its inventory valuation, calculate the cost of ending inventory and cost of goods sold if ending inventory is 100 barrels of crude oil. Beginning inventory and purchases Beginning inventory: Jan 1 March 1 June 1 September 1 December 1 Barrels 122 47 62 72 47 350 Barrel cost $ 95 101 98 90 103 Total cost $11,590 4,747 6,076 6,480 4,841 $33,734 Cost of ending inventory Cost of goods sold

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

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

Recommended Textbook for

Intermediate Accounting

Authors: Earl K. Stice, James D. Stice

18th edition

538479736, 978-1111534783, 1111534780, 978-0538479738

More Books

Students also viewed these Accounting questions