Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Pronghorn Ltd. had a beginning inventory on January 1 of 250 units of product SXL at a cost of $158 per unit. During the year,

image text in transcribed

Pronghorn Ltd. had a beginning inventory on January 1 of 250 units of product SXL at a cost of $158 per unit. During the year, purchases were as follows: Mar. 15 700 uly 20 500 Sept. 4 450 Dec. 2 Units Unit Cost Total Cost $152 $106,400 73,000 61,200 12,400 146 136 124 100 Pronghorn uses a periodic inventory system. At the end of the year, a physical inventory count determined that there were 200 units on hand. (a) Your answer is correct. Determine the cost of goods available for sale 292500 Cost of Goods Available for Sale 292500 LINK TO TEXT Attempts: 1 of 3 used (b) Your answer is incorrect. Try again. Determine the cost of the ending inventory and the cost of the goods sold using (1) FIFO and (2) average cost. (Do not round weighted average unit cost. Round Average answers to 2 decimal places, e.g. 5.25.) FIFO Average Ending Inventory 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

Audit Risk Alert Employee Benefit Plans Industry Developments 2017

Authors: AICPA

1st Edition

1945498722, 978-1945498725

More Books

Students also viewed these Accounting questions

Question

1. Identify three approaches to culture.

Answered: 1 week ago

Question

2. Define communication.

Answered: 1 week ago

Question

4. Describe how cultural values influence communication.

Answered: 1 week ago