Answered step by step
Verified Expert Solution
Question
1 Approved Answer
: Olympus Climbers Company has the following inventory data: Date Explanation Units Cost Per Unit Total Cost July 1 Beginning Inventory 30 $19 $ 570.00
: Olympus Climbers Company has the following inventory data:
Date | Explanation | Units | Cost Per Unit | Total Cost |
July 1 | Beginning Inventory | 30 | $19 | $ 570.00 |
July 7 | Purchases | 105 | $20 | $2,100.00 |
July 22 | Purchases | 15 | $22 | $ 330.00 |
| Total | 150 |
| $3,000.00 |
A physical count of merchandise inventory on July 30 reveals that there are 48 units on
hand. What is the amount allocated to cost of goods sold and ending inventory using FIFO, LIFO, and Average Cost methods?
Part (a): FIFO (5 point)
Part (b) LIFO (5 points)
Part C: Average Cost (5points)
Step 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