Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory...

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Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost $52.60 per unit 180 units 265 units 125 units 230 units 800 units @ $57.60 per unit $62.60 per unit $64.60 per unit Units Sold at Retail 340 units $87.60 per unit 210 units $97.60 per unit 550 units Problem 6-1A (Algo) Part 3 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold include 105 units from beginning inventory, 235 units from the March 5 purchase, 85 units from the March 18 purchase, and 125 units from the March 25 purchase. Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost $52.60 per unit 180 units 265 units 125 units 230 units 800 units @ $57.60 per unit $62.60 per unit $64.60 per unit Units Sold at Retail 340 units $87.60 per unit 210 units $97.60 per unit 550 units Problem 6-1A (Algo) Part 3 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold include 105 units from beginning inventory, 235 units from the March 5 purchase, 85 units from the March 18 purchase, and 125 units from the March 25 purchase.

Answer rating: 100% (QA)

Lets calculate the cost assigned to ending inventory using different methods a FIFO FirstInFirstOut 1 Calculate the cost of goods sold COGS using FIFO ... View the full answer