Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Taken from a company's records is the following: (Click the icon to view the information.) Transaction Units Units Unit Cost Total Cost 34,000 $ 3.00
Taken from a company's records is the following: (Click the icon to view the information.) Transaction Units Units Unit Cost Total Cost 34,000 $ 3.00 $ 102,000 Complete the following assuming a perpetual inventory system: Beginning inventory 1/1 Purchases 44,000 4.20 184,800 February 8 March 15 4.50 If the company uses the FIFO inventory costing method, the cost of ending inventory is $ 101,000 64,000 454,500 294,400 April 10 4.60 Subtotal 243,000 $ 1,035,700 Units Sold - April 22 at $11 156,000 If the company uses the LIFO inventory costing method, cost of goods sold for the year is $ May 9 4.80 77,000 30,000 369,600 153,000 June 19 5.10 Subtotal 350,000 $ 1,558,300 115,000 Units Sold - August 11 at $13 September 20 18,000 5.30 95,400 October 30 5.40 46,000 4,000 248,400 22,000 November 17 5.50 418,000 $ 1,924,100 Subtotal Units Sold - December 21 at $17 20,000 Total available for sale Total units sold 418,000 (291,000) 127,000 Ending inventory
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