A company provides the following inventory records. Number of units sold = Selling price per unit...
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A company provides the following inventory records. Number of units sold = Selling price per unit = Date January 1 March 12 June 5 October 22 Transaction Beginning inventory Purchase Purchase Purchase Totals 8,5000 $30.00 Number of Units 1,200 2,200 2,700 3,900 10,000 Unit Cost $10.25 10.30 10.40 10.60 Total Cost $12,300 22,660 28,080 41,340 $104,380 Required: 1. Based on the information given above, calculate cost of goods sold and ending inventory using the FIFO method. 2. Calculate cost of goods sold and ending inventory using the LIFO method. 3. Calculate cost of goods sold and ending inventory using the Weighted Average Method. 4. Calculate gross profit under all three methods. A company provides the following inventory records. Number of units sold = Selling price per unit = Date January 1 March 12 June 5 October 22 Transaction Beginning inventory Purchase Purchase Purchase Totals 8,5000 $30.00 Number of Units 1,200 2,200 2,700 3,900 10,000 Unit Cost $10.25 10.30 10.40 10.60 Total Cost $12,300 22,660 28,080 41,340 $104,380 Required: 1. Based on the information given above, calculate cost of goods sold and ending inventory using the FIFO method. 2. Calculate cost of goods sold and ending inventory using the LIFO method. 3. Calculate cost of goods sold and ending inventory using the Weighted Average Method. 4. Calculate gross profit under all three methods.
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Answer rating: 100% (QA)
1 FIFO Method Using the FIFO method the first units purchased are considered to be sold first The cost of goods sold is calculated by adding up the co... View the full answer
Related Book For
Managerial Accounting
ISBN: 978-0176223311
1st Canadian Edition
Authors: Karen Wilken Braun, Wendy Tietz, Walter Harrison, Rhonda Pyp
Posted Date:
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