Question
Transactions for the month of July for Ivanhoes Bookstore were as follows: Purchases July 1 (balance) 610 @ $7.30 8 1,160 @ $7.40 22 670
Transactions for the month of July for Ivanhoes Bookstore were as follows:
Purchases | ||||
---|---|---|---|---|
July | 1 | (balance) | 610 @ | $7.30 |
8 | 1,160 @ | $7.40 | ||
22 | 670 @ | $7.60 | ||
30 | 230 @ | $7.75 |
Sales | |||
---|---|---|---|
July | 3 | 310 @ | $9.4 |
12 | 890 @ | $9.65 | |
25 | 830 @ | $9.90 |
Determine the ending inventory and cost of goods sold using FIFO method. (Round answers to 2 decimal places, e.g. 52.75.)
Ending inventory | $
| |
---|---|---|
Cost of goods sold | $
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Determine the ending inventory and cost of goods sold using LIFO method. (Round answers to 2 decimal places, e.g. 52.75.)
Ending inventory | $
| |
---|---|---|
Cost of goods sold | $
|
Determine the ending inventory and cost of goods sold using average cost method. (Round average cost per unit and final answers to 2 decimal places, e.g. 52.75.)
Ending inventory | $
| |
---|---|---|
Cost of goods sold | $
|
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