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Someone please help! & explain how you come to your answers. I cant seem to understand how to get LIFO & weighted average Exercise 5-18
Someone please help! & explain how you come to your answers. I cant seem to understand how to get LIFO & weighted average
Exercise 5-18 Allocating product cost between cost of goods sold and ending inventory: Multip purchases LO 5-6 Suggs Company sells coffee makers used in business offices. Its beginning inventory of coffee makers was 240 units at $49 per unit. During the year, Suggs made two batch purchases of coffee makers. The first was a 280-unit purchase at $54 per unit; the second was a 435-unit purchase at $56 per unit. During the period, Suggs sold 920 coffee makers Required Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory assuming that Suggs uses a. FIFO b. LIFO c. Weighted average. (Do not round intermediate calculations and round your final answers to nearest whole dollar amount.) Weighted Average FIFO LIFO Cost of goods sold 49,280 Ending inventory |$ 1,960 $690 $ 1,8770 50,550 $ 49,363Step by Step Solution
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