Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information relates to Bridger Inc.'s inventory transactions during the month of October. Date Purchases Units Cost per unit 1 October Beginning Inventory 1,060

The following information relates to Bridger Inc.'s inventory transactions during the month of October. Date Purchases Units Cost per unit 1 October Beginning Inventory 1,060 $11.00 4 October 6,500 $11.00 18 October 4,890 $9.90 Units Sold Selling price per unit 11,440 $20.50 Answer the following questions about Bridger Inc.'s inventory transactions during the month in the highlighted cells. Be sure to use cell references in Excel to calculate your answers. 1) How many units of inventory are remaining at the end of the month assuming that Bridger uses the FIFO cost flow assumption? 2) How many units of inventory are remaining at the end of the month assuming that Bridger uses the LIFO cost flow assumption? 3) What is the dollar value of the ending inventory under the FIFO assumption? 4) What is the cost of goods sold for the month under the FIFO assumption? 5) What is the dollar value of the ending inventory under the LIFO assumption? 6) What is the cost of goods sold for the month under the LIFO assumption?

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_2

Step: 3

blur-text-image_3

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

Energy Audit Of Building Systems An Engineering Approach

Authors: Moncef Krarti

1st Edition

0849395879, 978-0849395871

More Books

Students also viewed these Accounting questions