Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please solve C. Which cost flow method results in the lowest inventory amount for the balance sheet? The lowest cost of goods sold for the
Please solve C.
Vista Company Inc. had a beginning inventory of 100 units of Product RST at a cost of $8 per unit. During the year, purchases were: Feb. 20 at $9 Aug. 12 400 units at $ 11 600 units 500 units May 5 at $ 10 Dec. 8 100 units at $12 Vista Company uses a periodic inventory system. Sales totaled 1,500 units. (a) Your answer is correct. Determine the cost of goods available for sale The cost of goods available for sale 16800 Your answer is correct Calculate average cost per unit. (Round answer to 3 decimal places, e.g. 2.237.) Average cost per unit $ 9882 eTextbook and Media Attempts: 2 of 5 used (52) Your answer is correct. Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, UFO, and average-cost). (Round per unit cost to 3 decimal places, eg. 15.647 and final answers to O decimal places, e.g. 5,125.) FIFO LIFO AVERAGE-COST $ $ 1970 2300 1700 The ending inventory $ $ $ 14500 15100 1482 The cost of goods sold (c) Your answer is partially correct. Which cost flow method results in the lowest inventory amount for the balance sheet? The lowest cost of goods sold for the income statement? (1) LIFO results in the lowest inwentory amount for the balance sheet. $ () ) (2) FIFO results in the lowest cost of goods sold for the income statement, $ Which cost flow method results in the lowest inventory amount for the balance sheet? The lowest cost of goods sold for the
income statement?
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