Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Shown below is the activity for one of the products of Random Creations: January 1 balance, 80 units @ $50 $4,000 Purchases: January 18: 40
Shown below is the activity for one of the products of Random Creations:
January 1 balance, 80 units @ $50 $4,000 | |
Purchases: | |
January 18: | 40 units @ $51 |
January 28: | 40 units @ $52 |
Sales: | |
January 12: | 30 units |
January 22: | 30 units |
January 31: | 45 units |
Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Random Creations uses average cost and a periodic inventory system. (Round intermediate calculations to two decimal numbers. Round your final answers to nearest whole dollar amount.) Ending Inventory:
Cost of Goods Sold:
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