Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Units Unit Price Total Cost January 1 Beginning inventory 800 $ 11.00 $ 8,800 March 5 1st purchase 600 12.00 7,200 April 16 2nd purchase

Units Unit Price Total Cost
January 1 Beginning inventory 800 $ 11.00 $ 8,800
March 5 1st purchase 600 12.00 7,200
April 16 2nd purchase 500 12.50 6,250
June 3 3rd purchase 700 14.00 9,800
August 18 4th purchase 800 15.00 12,000
September 13 5th purchase 900 17.00 15,300
November 14 6th purchase 400 18.00 7,200
December 3 7th purchase 500 20.30 10,150
5,200 $ 76,700

There are 1,100 units of inventory on hand on December 31.

Required:

1. Calculate the total amount to be assigned to the ending inventory and cost of goods sold on December 31 under each of the following methods:

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

Finance The Basics

Authors: Erik Banks

3rd Edition

1138919780, 9781138919785

More Books

Students also viewed these Accounting questions

Question

How should rainy day funds be reported under GASB Statement 54 ?

Answered: 1 week ago

Question

=+a. Can the reader find the most important message?

Answered: 1 week ago