Question: Calculate the Cost of Goods using the FIFO method... please show work so I can understand. COMPREHENSIVE EXAMPLE INVENTORY COST FLOW METHODS USING A PERPETUAL
Calculate the Cost of Goods using the FIFO method... please show work so I can understand.
COMPREHENSIVE EXAMPLE INVENTORY COST FLOW METHODS USING A PERPETUAL INVENTORY SYSTEM: One Molecule Away From Legal Supplement Company sells a popular horse testoste rone product. During the month of August, the following transactions occurred. As of August 1, beginning inventory was 700 units at $10/unit. August 3: Purchased 500 units at $12/unit August 8: Sold 1,000 units at $20/unit August 15: Purchased 800 units at $14/unit August 22: Sold 650 units at $22/unit August 28: Purchased 300 units at $16/unit Calculate (A) Cost of Goods Sold, (B) Value of Ending Inventory, and (C) Gross Profit if: A) The company applies the FIFO inventory cost flow method B) The company applies the LIFO inventory cost flow method C) The company applies the Weighted (Moving) Average cost flow method
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