Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please answer the following: 1. March 31 - ending inventory dollar value under FIFO - perpetual system 2. March 31 - ending inventory dollar value

Please answer the following:
1. March 31 - ending inventory dollar value under FIFO - perpetual system
2. March 31 - ending inventory dollar value under weighted average - perpetual system
3. March 32 - ending inventory dollar value under weighted average - periodic system
Please round off to 2 decimal places image text in transcribed
Blythe Inc. uses a perpetual inventory system and had the following activity for a single inventory item: All calculations should be rounded to 2 decimal places. For example: $500/3=166.6667 Rounded to 166.67 The above should be manually entered in your calculations as 166.67, rather than keeping the formula built within your cells. 1) FIFO: Perpetual System a)Calculate the cost of the March 11 items sold b)Calculate the cost of the March 29 items sold c)Calculate total cost of goods sold d)Calculate ending inventory 2) Weighted-average - Perpetual System a)Calculate the average cost per unit of the March 11 items sold b)Calculate the cost of the March 11 items sold c)Calculate the average cost per unit of the March 29 items sold d)Calculate the cost of the March 29 items sold e)Calculate total cost of goods sold f)Calculate ending inventory 3) Weighted-average - Periodic System with an ending inventory of 50 units. a)Calculate total cost of goods sold b)Calculate ending inventory

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

Understanding The Use Of Financial Accounting Provisions In Private Acquisition Agreements

Authors: Mark L. Stoneman

1st Edition

1627222731, 978-1627222730

More Books

Students also viewed these Accounting questions

Question

Explain the meaning of unbiasedness.

Answered: 1 week ago