Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The schedule below summarizes inventory movements during November for a Company. Compute the cost of goods sold for November and the cost of ending inventory

The schedule below summarizes inventory movements during November for a Company. Compute the cost of goods sold for November and the cost of ending inventory on November 30 under FIFO, LIFO and Average cost on scratch paper. The company uses the periodic method.

Inventory History Units Cost per unit Total cost Beg. Inventory Nov. 1 1000 7.50 7,500.00 Purchase Nov. 10 1200 9.00 10,800.00 Purchase Nov. 20 800 12.00 9,600.00 Sales during November 1900 Assume cost of goods sold under specific identification is $17,000 for any questions that deal with specific identification method. (For average cost, round the weighted average cost per unit to the nearest penny when you are doing your computations.) For each question below, choose the closest answer to your computation from the drop down list. - FIFO cost of ending inventory - FIFO cost of goods sold - LIFO cost of ending inventory - Weighted average cost of goods sold - Cost of ending inventory under specific identification a. $6,300 b. $8,400 c. $10,900 d. $12,300 e. $15,600 f. $17,100 g. $17,670 h. $19,500 i. $27,900

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

Investing Amid Low Expected Returns Making The Most When Markets Offer The Least

Authors: Antti Ilmanen

1st Edition

1119860199, 978-1119860198

More Books

Students also viewed these Accounting questions

Question

20. What do you want them to do? (what actions should they take)?

Answered: 1 week ago