Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

S 6-6 Inventory costing methods-perpetual LO2 A company had the following beginning inventory and purchases during January for a particular item. On January 28, 345

S 6-6 Inventory costing methods-perpetual LO2 A company had the following beginning inventory and purchases during January for a particular item. On January 28, 345 units were sold. What is the cost of the 140 units that remain in the ending inventory, assuming the following? a. FIFO b. Moving weighted average Round numbers to the nearest cent. Assume a perpetual inventory system. Beginning inventory on January 1. Purchase on January 9. Purchase on January 25. Total available for sale. Units Unit Cost Total Cost 310 $3.00 $930.00 75 3.20 240.00 100 3.35 335.00 485 $1,505.00 QS 6-7 Specific Identification Inventory method LO2 Refer to the information in QS 6-6. Recall that 345 units were sold on January 28. The units specifically sold were: . 250 units from beginning inventory . 50 units from the January 9 purchase .45 units from the purchase on January 25 Calculate cost of goods sold and the cost of ending inventory. OS 6-8 Inventon, cortine math

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

Sap Fixed Assets Accounting

Authors: Jorg Siebert, Dieter Schlagenhauf

1st Edition

1497314380, 978-1497314382

More Books

Students also viewed these Accounting questions

Question

8. How would you explain your decisions to the city council?

Answered: 1 week ago