Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information Goods Purchased Perpetual FIFO: Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per Cost of

Required information Goods Purchased Perpetual FIFO: Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per Cost of Goods Sold # of units unit Inventory Balance Cost per unit Inventory Balance March 1 250 at $57.00 March 5 Total March 5 March 9 Total March 9 110 at $62.00 150 at $52.00 = $ 7,800.00 150 at 250 at $52.00= $57.00 = $ 7,800.00 14,250.00 $ 22,050.00 310 at $52.00 = $ 16,120.00 at 310 at $57.00 = 17,670.00 310 at $52.00 $57.00 = $ 33,790.00 17,670.00 $ 17,670.00 March 18 at $ 52.00 at $57.00 at $62.00 Total March 18 March 25 Total March 25 March 29 Total March 29 Totals i 200 at $64.00 180 $ 33,790.00 at $52.00 at $57.00 at $62.00 at $64.00 Goods Purchased Date # of units Cost per unit # of units sold March 1 March 5 Total March 5 March 9 Total March 9 March 18 Total March 18 March 25 Total March 25 March 29 Total March 29 Perpetual LIFO: Cost of Goods Sold Inventory Balance Cost per Inventory Cost per unit Cost of Goods Sold # of units unit 150 at $52.00 = Balance $ 7,800.00 4 Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold Inventory Balance Cost per # of units unit Inventory Balance 150 at $ 52.00 = $ 7,800.00 ook March 11 March 51 rint Average March 5 March 9 rences March 18, Average March 18 March 25 Average March 25 March 29 Totals Perpetual LIFO 0.00 Specific Id> rete this que ion by ing your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold include 90 units from beginning inventory, 220 units from the March 5 purchase, 70 units from the March 18 purchase, and 110 units from the March 25 purchase. Specific Identification Goods Available for Sale Cost of Goods Sold Ending Inventory Date # of units Cost per unit Cost of Goods Available for # of units sold Cost per unit # of units Cost of Sale Goods Sold in ending Inventory Cost per unit Ending Inventory March 1 $ 0 $ 0.00 $ 0 $ 0.00 $ 0 March 5 0 0.00 0 0.00 0 March 18 0 0.00 0 0.00 0 March 25 0 0.00 0 Total 0 $ 0 0 $ 0 0 $ 0

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 An Introduction To Concepts Methods And Uses

Authors: Arnold I. Davidson

2nd Edition

0030597269, 978-0030597268

More Books

Students also viewed these Accounting questions

Question

Determine the amplitude and period of each function.

Answered: 1 week ago