5) During 2020, Evelyn & Co. sold 40,000 units of its product. The following units were...

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5) During 2020, Evelyn & Co. sold 40,000 units of its product. The following units were on hand or purchased during the year: Units Cost per Total Cost 10,000 $15.12 $151,200 Beginning inventory Purchase 2/2/20 Purchase 6/15/20 15,000 $15.20 $228,000 17,000 $15.60 $265,200 Purchase 10/30/20 16,000 $15.75 $252,000 Total available 58,000 $896,400 Less Sold Ending Inventory Required: In the table above, fill in the number of units sold and the number of units in Ending Inventory. Calculate ending inventory and cost of goods sold for FIFO, LIFO, and average cost (make sure to show work): a. If the company used the FIFO method, what is the value of ending inventory and cost of goods sold? Ending Inventory: Cost of Goods Sold: b. If the company used the LIFO method, what is the value of ending inventory and cost of goods sold? Ending Inventory: Cost of Goods Sold: c. If the company used the Average Cost method, what is the value of ending inventory and cost of goods sold? Please round your calculated average cost per unit to 2 decimals (example - $18.79) Average Cost per unit = Ending Inventory: Cost of Goods Sold: 5) During 2020, Evelyn & Co. sold 40,000 units of its product. The following units were on hand or purchased during the year: Units Cost per Total Cost 10,000 $15.12 $151,200 Beginning inventory Purchase 2/2/20 Purchase 6/15/20 15,000 $15.20 $228,000 17,000 $15.60 $265,200 Purchase 10/30/20 16,000 $15.75 $252,000 Total available 58,000 $896,400 Less Sold Ending Inventory Required: In the table above, fill in the number of units sold and the number of units in Ending Inventory. Calculate ending inventory and cost of goods sold for FIFO, LIFO, and average cost (make sure to show work): a. If the company used the FIFO method, what is the value of ending inventory and cost of goods sold? Ending Inventory: Cost of Goods Sold: b. If the company used the LIFO method, what is the value of ending inventory and cost of goods sold? Ending Inventory: Cost of Goods Sold: c. If the company used the Average Cost method, what is the value of ending inventory and cost of goods sold? Please round your calculated average cost per unit to 2 decimals (example - $18.79) Average Cost per unit = Ending Inventory: Cost of Goods Sold:

Answer rating: 100% (QA)

FIFO stands for First In First Out which means that cost of goods sold must consider cost of those g... View the full answer