Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Pharoah Company uses a periodic inventory system. Its records show the following for the month of April, with 26 units on hand at April 30:
Pharoah Company uses a periodic inventory system. Its records show the following for the month of April, with 26 units on hand at April 30: Unit Cost Total Cost Units April 1 Inventory 34 $7 $238 12 Purchases 47 10 470 16 Purchases 13 12 156 Total 94 864 Calculate the ending inventory and cost of goods sold at April 30 using the FIFO and weighted average cost formulas. (Round the weighted average cost per unit to 2 decimal places, eg. 52.75 and final answers to 0 decimal places, e.g. 5,275.) FIFO Weighted average Ending Inventory $ $ $ Cost of Goods Sold $ $ Prove the cost of goods sold calculations. (Round the average cost per unit to 2 decimal places, e.g. 52.75 and final answers to o decimal places, e.g. 5,275.) Check of Cost of Goods Sold (FIFO): Units Unit Cost Total Cost Apr. 1 $ $ Apr. 12 $ Weighted Average Check of Cost of Goods Sold: x $ per unit = $
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