Computing Cost of Goods Sold and Ending Inventory Under FIFO, LIFO, and Average Cost Assume that...

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Computing Cost of Goods Sold and Ending Inventory Under FIFO, LIFO, and Average Cost Assume that Gode Company reports the following initial balance and subsequent purchase of inventory: Beginning inventory 1,000 units @ $100 each $100,000 Inventory purchased during the year 2,000 units @ $150 each Cost of goods available for sale during the year 3,000 units 300,000 $400,000 Assume that 1,200 units are sold during the year. Compute the cost of goods sold for the year and the balance reported as ending inventory on its year-end balance sheet under the following inventory costing methods: (Round your answers to the nearest dollar.) a. FIFO Cost of Good Sold Ending Inventory b. LIFO Cost of Good Sold Ending Inventory $ $ c. Average Cost (Hint: Do not round the cost per unit.) Cost of Good Sold Ending Inventory $ $ Computing Cost of Goods Sold and Ending Inventory Under FIFO, LIFO, and Average Cost Assume that Gode Company reports the following initial balance and subsequent purchase of inventory: Beginning inventory 1,000 units @ $100 each $100,000 Inventory purchased during the year 2,000 units @ $150 each Cost of goods available for sale during the year 3,000 units 300,000 $400,000 Assume that 1,200 units are sold during the year. Compute the cost of goods sold for the year and the balance reported as ending inventory on its year-end balance sheet under the following inventory costing methods: (Round your answers to the nearest dollar.) a. FIFO Cost of Good Sold Ending Inventory b. LIFO Cost of Good Sold Ending Inventory $ $ c. Average Cost (Hint: Do not round the cost per unit.) Cost of Good Sold Ending Inventory $ $

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a FIFO FirstIn FirstOut 1 Calculate the cost of goods sold COGS 1000 units 100 each beginning invent... View the full answer