Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Pharoah Enterprises uses a periodic inventory system for buckets it sells. It had a beginning inventory on April 1 of 65 units at a cost

Pharoah Enterprises uses a periodic inventory system for buckets it sells. It had a beginning inventory on April 1 of 65 units at a cost of $6 per unit. During April, the following purchases and sales were made. Purchases April 7 55 units at $7.00 13 110 units at $8.00 23 80 units at $9.00 29 45 units at $10.00 290 Sales April 5 110 units at $20 11 80 units at $20 20 70 units at $20 30 35 units at $20 Sales April 5 110 units at $20 11 80 units at $20 20 70 units at $20 30 35 units at $20 295 Compute the April 30 ending inventory and April cost of goods sold under (a) average cost, (b) FIFO, and (c) LIFO. (Round cost per unit to 2 decimal places, e.g. 15.25 and final answer to O decimal places, e.g. 1,525.) (a) Average-cost - Ending Inventory $ (b) FIFO - Ending Inventory (c) LIFO - Ending Inventory Cost of Goods Sold $ Cost of Goods Sold 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

Managerial Accounting Custom Publication

Authors: Belverd E. Needles

7th Edition

0618681922, 978-0618681921

More Books

Students also viewed these Accounting questions

Question

(5) What is the regression matrix (A) for this example?

Answered: 1 week ago

Question

What are the classifications of Bank?

Answered: 1 week ago