Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The units of Product Green-2 available for sale during the year were as follows: April 1 Inventory 15 units @ $30 June 16 Purchase 29

The units of Product Green-2 available for sale during the year were as follows:

April 1 Inventory 15 units @ $30
June 16 Purchase 29 units @ $33
Sep. 28 Purchase 45 units @ $35

There are 17 units of the product in the physical inventory at September 30. The periodic inventory system is used.

Determine the cost of merchandise sold by (a) FIFO, (b) LIFO, and (c) average cost methods. In your computations, round the average cost per unit to two decimal places and round your final answer to two decimal places.

a. FIFO $
b. LIFO $
c. Average

$

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

Step: 3

blur-text-image

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

Cost Management

Authors: Don R Hansen, Maryanne M Mowen, Dan L Heitger

5th Edition

357141091, 978-0357141090

Students also viewed these Accounting questions