Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Suppose that Amazon uses a periodic inventory system and reports the following for the month of June: Unit Total Date Explanation Units Cost Cost

image text in transcribed

Suppose that Amazon uses a periodic inventory system and reports the following for the month of June: Unit Total Date Explanation Units Cost Cost June 11 Inventory 180 $4 $720 12 Purchase 420 5 2.100 23 Purchase 600 6 3,600 30 Inventory 224 (a) Your answer is partially correct Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average-cost. (Round average cost per unit to 2 decimal places, eg. 5.25 and final answers to O decimal places, eg. 2.520) Ending inventory Cost of goods sold FIFO 1344 2064 LIFO 720 4944 AVERAGE COST 431 451

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

Fundamentals of Advanced Accounting

Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik

6th edition

0-07-786223-6, 101259095592, 13: 978-0-07-7, 13978125909559, 978-0077862237

More Books

Students also viewed these Accounting questions

Question

What kind of innovation would an improved electric toothbrush be?

Answered: 1 week ago

Question

What are the four main types of consumer products?

Answered: 1 week ago

Question

What is the difference between a product line and a product mix?

Answered: 1 week ago