Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

This is FIFO method. So from where 50 comes from? What are the calculations? COST OF GOODS AVAILABLE FOR SALE Total Cost Unit Cost Units

This is FIFO method. So from where 50 comes from? What are the calculations?
image text in transcribed
COST OF GOODS AVAILABLE FOR SALE Total Cost Unit Cost Units Explanation Date 1,000 $10 100 Beginning inventory Jana 2,200 200 Apr. 15 Purchase 3,600 12 300 Aug. 24 Purchase 5,200 13 400 Nov 27 Purchase $12,000 1,000 Total STEP 2: COST OF GOODS SOLD STEP 1: ENDING INVENTORY Units Total Cost Units Cost Date Nov 27 400 $13 5,200 cost of goods available for sale $12,000 Aug. 24 50 12 600 Less: Ending inventory 5,800 6,200 $5,800 Cost of goods sold Total 450 Cost of $1,000 goods sold $6,200 $2,200 $3,000 Warehouse $600 $5,800 $5.200 Ending inventory l

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

The Internal Auditing Pocket Guide

Authors: J. P. Russell

1st Edition

0873895606, 978-0873895606

More Books

Students also viewed these Accounting questions

Question

4. Explain the strengths and weaknesses of each approach.

Answered: 1 week ago