Question
The following data is available for one of the products sold by Figaro Pasta Company, which sells gourmet boxed pasta dishes, including macaroni and cheese.
The following data is available for one of the products sold by Figaro Pasta Company, which sells gourmet boxed pasta dishes, including macaroni and cheese. Figaro Pasta Company uses a perpetual inventory system:
April 1 On hand, 10 boxes at $8 each $ 80 5 Purchased 30 boxes at $7.80 each 234 18 Purchased 40 boxes at $8.25 each 330 20 Sold 75 boxes for $13 each 24 Purchased 20 boxes for $8.25 each 165 Figaro's ending inventory for April was 25 boxes.
If the Weighted Average Cost method is used, determine the following amounts (in dollars $): i) Ending Inventory on April 30th? ii) Cost of Goods Sold for April? Show your calculations for this question please.
If the LIFO method is used, determine the following amounts (in dollars $): i) Ending Inventory on April 30th? ii) Cost of Goods Sold for April? Show your calculations for this question please.
If the company uses the FIFO method, determine the following amounts (in dollars $): i) Ending Inventory on April 30th? ii) Cost of Goods Sold for April? Show your calculations for this question please.
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