Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
Wildhorse Enterprises uses a periodic inventory system for buckets itsells. It had a beginning inventory on April 1 of 81 units at a cost of
Wildhorse Enterprises uses a periodic inventory system for buckets itsells. It had a beginning inventory on April 1 of 81 units at a cost of $6 per unit. During April, the following purchases and sales were made. Purchases April 7 71 units at $ 7.00 units at $ 8.00 13 142 23 112 units at $ 9.00 29 51 units at $ 10.00 376 Sales April 5 142 units at $20 11 112 units at $20 20 102 units at $20 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 (LIFO. (Round cost per unit to 2 decimal places, s. 15.25 and final answer to decimal places, es. 1.525) (a) Average-cost-Ending Inventory $ Cost of Goods Sold $ (6) FIFO -Ending Inventory $ Cost of Goods Sold $ lo LIFO-Ending inventory Cost of Goods Sold 5 Question 7 of 14 8.4/12.6 Wildhorse Enterprises uses a periodic inventory system for buckets it sells. It had a beginning inventory on April 1 of 81 units at a cost of $6 per unit. During April, the following purchases and sales were made. Purchases April 7 71 units at $ 7.00 13 142 units at $ 8.00 23 112 units at $ 9.00 29 51 units at $ 10.00 376 Sales April 5 142 units at $ 20 11 112 units at $20 20 102 units at $20 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, e8.15.25 and final answer to decimal places, eg. 1,525.) (a) Average-cost-Ending Inventory $ Cost of Goods Sold $ (b) FIFO - Ending Inventory $ I Cost of Goods Sold $ c) LIFO - Ending Inventory $ Cost of Goods Sold $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started