You skipped this question in the previous attempt. Suppose that David has elected to account for inventories and has adopted the last-in, first-out (LIFO) inventory flow method for his business inventory of widgets (purchase prices below). Purchase Direct Other Total Widget Date Cont costs Cost August 15 $2,100 $ 100 $2,200 .2 October 30 2,200 150 2,350 #3 November 10 2,300 100 2,400 In late December, David sold one widget, and next year David expects to purchase three more widgets at the following estimated prices: Purchase Estimated Widget Date Cost Early spring $ 2,600 #5 Summer 2,260 46 Pall 2,400 a. What cost of goods sold and ending inventory would David record if he elects to use the LIFO method this year? LIFO Cost of goods sold Ending inventory S Nort m YOU Skipped this question in the previous attempt 13 Part 2 of 3 Required information (The following information applies to the questions displayed below.) Suppose that David has elected to account for inventories and has adopted the last-in, first-out (LFO) inventory.flow method for his business inventory of widgets (purchase prices below). Purchase Direet other Total Widget Date Cont Costa Cost August 15 $2,100 $100 $2,200 #2 October 30 2,200 150 2,350 23 November 10 2,300 100 2,400 0.43 points eBook Print References In late December, David sold one widget, and next year David expects to purchase three more widgets at the following estimated prices: Purchase Estimated Widget Date Cost 24 Early spring $ 2,600 45 Summer 2,260 Pall 2,400 Required information 13 Widget Date #4 Early spring #5 Summer #6 Pall $ 2,600 2,260 2,400 Part 2 of 3 0.43 points b. If David sells two more widgets next year, what will be his cost of goods sold and ending inventory next year under the LIFO method? eBook Print LIFO References Cost of goods sold Ending inventory 14 Required information [The following information applies to the questions displayed below.) 3 of 3 Suppose that David has elected to account for inventories and has adopted the last in, first-out (LIFO) Inventory.flow method for his business inventory of widgets (purchase prices below). Purchase Direct Other Total Widget Date Cost Costs Cost 1 August 15 $2,100 $ 100 $2,200 #2 October 30 2,200 150 2,350 #3 November 10 2,300 100 2,400 is Book In late December, David sold one widget, and next year David expects to purchase three more widgets at the following estimated prices: Print Ferences Purchase Widget Date Early spring #5 Summer #6 Pall Estimated Cost $ 2,600 2,260 2,400 14 Required: C-1. What cost of goods sold and ending inventory would David record if he elects to use the FIFO method this year? c-2. If David sells two more widgets next year, what will be his cost of goods sold and ending Inventory next year under the FIFC method? Part 3 of 3 0.43 points Complete this question by entering your answers in the tabs below. eBook Print Req ci Req c2 References What cost of goods sold and ending inventory would David record if he elects to use the FIFO method this year? FIFO Cost of goods sold Ending inventory Reu Req c2 > Required information 14 Required: c-1. What cost of goods sold and ending inventory would David record if he elects to use the FIFO method this year? Part 3 of 3 c-2. If David sells two more widgets next year, what will be his cost of goods sold and ending inventory next year under the FIFO method? 0.43 points Complete this question by entering your answers in the tabs below. eBook Req ci Print Req c2 References If David sells two more widgets next year, what will be his cost of goods sold and ending inventory next year under the FIFO method? FIFO Cost of goods sold Ending inventory
