Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please solve question 1 and then the FIFO problem! (D) Calculation of COGS and Ending Inventory Call-Mart Inc, had the following transactions in its first

Please solve question 1 and then the FIFO problem! image text in transcribed
image text in transcribed
(D) Calculation of COGS and Ending Inventory Call-Mart Inc, had the following transactions in its first month of operations. Assume that beginning inventory S. Purchases Sold or Issued Balance March 2 2.000 @ $4 2.000 units March 15 6.000 a $4.4 8,000 units March 19 4.000 units 4,000 units March 30 2.000 a $4.75 6.000 units Assume that Call-Mart Inc.'s 6,000 units of ending inventory consists of 1,000 units from the March 2 purchase, 3,000 from the March 15 purchase, and 2,000 from the March 30 purchase. 1. Calculate cost of goods available for sale. (3) FIFO 0 Periodic Inventory System COGS EI BI March 2 March 15 March 30 0 2.000 a $4 6.000 a $4.4 2.000 a $4.75 Perpetual Inventory System COGS BI March 2 March 15 March 19 March 30 0 2.000 a $4 6,000 @ $4.4 2.000 a $4.75 (D) Calculation of COGS and Ending Inventory Call-Mart Inc, had the following transactions in its first month of operations. Assume that beginning inventory S. Purchases Sold or Issued Balance March 2 2.000 @ $4 2.000 units March 15 6.000 a $4.4 8,000 units March 19 4.000 units 4,000 units March 30 2.000 a $4.75 6.000 units Assume that Call-Mart Inc.'s 6,000 units of ending inventory consists of 1,000 units from the March 2 purchase, 3,000 from the March 15 purchase, and 2,000 from the March 30 purchase. 1. Calculate cost of goods available for sale. (3) FIFO 0 Periodic Inventory System COGS EI BI March 2 March 15 March 30 0 2.000 a $4 6.000 a $4.4 2.000 a $4.75 Perpetual Inventory System COGS BI March 2 March 15 March 19 March 30 0 2.000 a $4 6,000 @ $4.4 2.000 a $4.75

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_2

Step: 3

blur-text-image_3

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

Intermediate Accounting IFRS Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

2nd Edition

1118443969, 978-1118443965

More Books

Students also viewed these Accounting questions

Question

Write a short note on rancidity and corrosiveness.

Answered: 1 week ago