Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Wildhorse Enterprises uses a periodic inventory system for buckets it sells. It had a beginning inventory on April 1 of 91 units at a cost

image text in transcribed
image text in transcribed
Wildhorse Enterprises uses a periodic inventory system for buckets it sells. It had a beginning inventory on April 1 of 91 units at a cost of $6 per unit. During April, the following purchases and sales were made. April 7 13 Purchases 71 units at $7.00 142 units at $8.00 112 units at $9.00 51 units at $10.00 23 29 376 Sales April 5 142 units at $20 11 112 units at $20 units at $20 20 102 30 51 units at $20 407 Compute the April 30 ending inventory and April cost of goods sold under (a) average cost. (b) FIFO, and (c) LIFO. (Round cost per unit to 2 decimal places, eg, 15.25 and final answer to decimal places, eg 1,525.) (a) Average-cost-Ending Inventory $ 398 Cost of Goods Sold $ 3240 (b) FIFO - Ending Inventory $ 500 Cost of Goods Sold $ 3147 (c) LIFO- Ending Inventory 300 Cost of Goods Sold $ 3337

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

More Books

Students also viewed these Accounting questions