Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sold boards during Nov is shown below.... During the same month, this company sold 248 boards. Uses a periodic inventory system. date explanation units unit

Sold boards during Nov is shown below.... During the same month, this company sold 248 boards. Uses a periodic inventory system.

date explanation units unit cost total cost
nov 1 inventory 53 $100 $5300
nov 12 purchase 92 104 9568
nov 19 purchase 41 108 4428

nov 26

purchase 103 113 11635
totals 289 $30935

A) ---- Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods.

FIFO

LIFO

The ending inventory at nov 30

$ ?

$ ?

Cost of goods sold

$ ?

$ ?

B). ----- For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold.

FIFO

LIFO

The sum of ending inventory and 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

Auditing An International Approach

Authors: Bahram Soltani

1st Edition

9780273657736

More Books

Students also viewed these Accounting questions

Question

Define leadership and explain how it differs from management

Answered: 1 week ago