Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The Exergy Company has the following inventory and credit purchases during the fiscal year ended December 31, 2020 Beginning 633 units @ $76/unit Feb 10
The Exergy Company has the following inventory and credit purchases during the fiscal year ended December 31, 2020
Beginning | 633 units @ $76/unit |
Feb 10 | 345 units @ $73/unit |
Aug 21 | 225 units @ $86/unit |
Exergy Company has two credit sales during the period.The units have a selling of $136 per unit.
Sales | |
Mar 15 | 425 units |
Sep 10 | 330 units |
Exergy Company uses a perpetual inventory system
Required:
- Calculate the dollar value of cost of goods sold and ending inventory using (Do not round intermediate calculations. Round Average cost per unit to 2 decimal places. Round the final answers to 2 decimal places.)
Ending Inventory | Cost of Goods Sold | ||
a. | FIFO | ||
b. | Moving Weighted Average |
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