Required: In the table below, fill in the number of units sold and the number of units
Question:
Required: In the table below, fill in the number of units sold and the number of units in Ending Inventory. Calculate ending inventory and cost of goods sold for the next 3 questions.
7. 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:
8. 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:
9. 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 4 decimals (example - $18.7910) Average Cost per unit = Ending Inventory: Cost of Goods Sold:
Financial Accounting Information For Decisions
ISBN: 978-0324672701
6th Edition
Authors: Robert w Ingram, Thomas L Albright