Calculate cost of goods sold and ending inventory for Emergicares bandages orders using FIFO, LIFO and average
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Question:
Calculate cost of goods sold and ending inventory for Emergicare’s bandages orders using FIFO, LIFO and average cost. There are 32 units in ending inventory.
Note: Do not round intermediate calculations, such as average cost per unit values. Round your answers to the nearest cent.
Date | Units purchased | Cost per unit | Total cost |
---|---|---|---|
January 1 | 42 | $ 7.90 | $ 331.80 |
April 1 | 37 | 7.15 | 264.55 |
June 1 | 52 | 6.90 | 358.80 |
September 1 | 47 | 7.40 | 347.80 |
Total | 178 | $ 1,302.95 |
FIFO- cost of goods sold and ending inventory
LIFO- cost of goods sold and ending inventory
Average Cost- cost of goods sold and ending inventory
Related Book For
Financial Accounting Information For Decisions
ISBN: 978-0324672701
6th Edition
Authors: Robert w Ingram, Thomas L Albright
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