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Okay these 4 questions I need HELP in and if you can explain the answer how you got it. Current Attempt in Progress The accounting
Okay these 4 questions I need HELP in and if you can explain the answer how you got it.
Current Attempt in Progress The accounting records of Windsor Electronics show the following data. Beginning inventory 2,800 units at $5 Purchases 8,400 units at $7 Sales 9,500 units at $10 (a) a) Your answer is correct. Determine cost of goods sold during the period under a periodic inventory system using the FIFO method. (Round answer to O decimal places, e.g. 1,250.) FIFO Cost of goods sold during the period $ 60900 e Textbook and Media (b) Determine cost of goods sold during the period under a periodic inventory system using the LIFO method. (Round answer to o decimal places, e.g. 1,250.) LIFO Cost of goods sold during the period $ Linda's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Linda's purchases of Xpert snowboards during September is shown below. During the same month, 121 Xpert snowboards were sold. Linda's uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 26 $95 $ 2,470 Sept. 12 Purchases 45 105 4,725 Sept. 19 Purchases 20 107 2,140 Sept. 26 Purchases 50 108 5,400 Totals 141 $14,735 (a) Your answer is correct. Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO The ending inventory at September 30 $ 2160 $ 1900 Cost of goods sold $ 12575 $ 12835 (b) For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold. FIFO LIFO The sum of ending inventory and cost of goods sold $ $ $ LA Concord Company uses a periodic system reports the following for the month of June. Units Unit Cost Total Cost June 1 Inventory 260 $6 $ 1,560 12 Purchase 450 7 3,150 23 Purchase 330 8 2,640 30 Inventory (a) Your answer is correct. Compute the cost of the ending inventory and the cost of goods sold under FIFO and LIFO. FIFO LIFO Cost of the ending inventory $ 1040 $ 780 Cost of goods sold $ 6310 $ 6570 Which costing method gives the higher ending inventory? Bonita Company reports the following for the month of June. Units Unit Cost Total Cost June 1 Inventory 290 $8 $ 2.320 12 Purchase 400 9 3,600 23 Purchase 310 10 3,100 30 Inventory 150 (21) Your answer is correct. Calulate Weighted Average Unit Cost. (Round answer to 2 decimal places, e.g. 15.25.) Weighted Average Unit Cost $ 9.02 Compute the cost of the ending inventory and the cost of goods sold using the average cost method. (Round answers to 0 decimal places, e.g. 1,250.) The ending inventory $ The cost of goods sold $ $Step by Step Solution
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