Answered step by step
Verified Expert Solution
Question
1 Approved Answer
need the calculations for fifo and inventory. locked in and cant access site ors b) A Wallace Bishop store began the month of September 2019
need the calculations for fifo and inventory. locked in and cant access siteors
b) A Wallace Bishop store began the month of September 2019 holding 20 bracelets that cost $60 each. During September, the store subsequently purchased the following amount of inventory (bracelets); September No. of bracelets Cost per bracelet $65 $70 $85 On 7 September the store sold 21 bracelets for $100 each and on the 17 September the store sold a further 7 bracelets for $120 each. Calculate: 1) the cost of goods sold based on perpetual inventory and FIFO cost allocation. (2 marks) 2) the closing inventory based on periodic inventory and weighted average cost allocationStep 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