Sully Company's inventory records for the most recent year contain the following data: (Click the icon...
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Sully Company's inventory records for the most recent year contain the following data: (Click the icon to view the data.) Sully Company sold a total of 18,600 units during the year. Read the requirements. Requirement 1. Using the average-cost method, compute the cost of goods sold and ending inventory for the year. (Round the average cost per unit to the nearest cent.) Using the average-cost method, the cost of goods sold is and the ending $282,720 inventory is 21,280. Requirement 2. Using the FIFO method, compute the cost of goods sold and ending inventory for the year. Using the FIFO method, the cost of goods and the ending inventory sold is $281600 is GA $ i Data Table Beginning inventory Purchases during year Print x Quantity Unit Cost 8,000 $ 14.00 12,000 $ 16.00 Done Requirements 1. Using the average-cost method, compute the cost of goods sold and ending inventory for the year. 2. Using the FIFO method, compute the cost of goods sold and ending inventory for the year. 3. Using the LIFO method, compute the cost of goods sold and ending inventory for the year. Print Done Sully Company's inventory records for the most recent year contain the following data: (Click the icon to view the data.) Sully Company sold a total of 18,600 units during the year. Read the requirements. Requirement 1. Using the average-cost method, compute the cost of goods sold and ending inventory for the year. (Round the average cost per unit to the nearest cent.) Using the average-cost method, the cost of goods sold is and the ending $282,720 inventory is 21,280. Requirement 2. Using the FIFO method, compute the cost of goods sold and ending inventory for the year. Using the FIFO method, the cost of goods and the ending inventory sold is $281600 is GA $ i Data Table Beginning inventory Purchases during year Print x Quantity Unit Cost 8,000 $ 14.00 12,000 $ 16.00 Done Requirements 1. Using the average-cost method, compute the cost of goods sold and ending inventory for the year. 2. Using the FIFO method, compute the cost of goods sold and ending inventory for the year. 3. Using the LIFO method, compute the cost of goods sold and ending inventory for the year. Print Done
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Solution 1 Klorkings Ending inventory in units Beginning invent ry purchases during the year sales d... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0134127620
11th edition
Authors: Walter Harrison, Charles Horngren, William Thomas, Wendy Tietz
Posted Date:
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