Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Wildhorse Co. uses a periodic inventory system. Its records show the following for the month of April, with 27 units on hand at April 30:

image text in transcribedimage text in transcribed

Wildhorse Co. uses a periodic inventory system. Its records show the following for the month of April, with 27 units on hand at April 30: April 1 12 16 Inventory Purchases Purchases Total Units 29 46 15 90 Unit Cost $9 11 10 Total Cost $261 506 150 917 Calculate the ending inventory and cost of goods sold at April 30 using the FIFO and weighted average cost formulas. (Round the weighted average cost per unit to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places, e.g. 5,275.) FIFO Weighted average Ending Inventory U Cost of Goods Sold $ Prove the cost of goods sold calculations. (Round the average cost per unit to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places, e.g. 5,275.) Check of Cost of Goods Sold (FIFO): Units Unit Cost Total Cost Apr. 1 $ Apr. 12 Weighted Average Check of Cost of Goods Sold: per unit = $

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

Students also viewed these Accounting questions