Dexter Company uses the periodic inventory method and had the following inventory information available for the...

Transcribed Image Text:

Dexter Company uses the periodic inventory method and had the following inventory information available for the month of November. A physical count of units on November 30 revealed that 600 units were on hand. Date Transaction Nov 1 Beginning Inventory Nov 5 Purchase Nov 12 Sale Nov 18 Purchase Nov 19 Purchase Return Nov 25 Sale Nov 30 Purchase Create a schedule of cost of goods available for sale. Using FIFO, calculate • the cost of goods sold, and • the ending inventory Using Average Cost, calculate the cost of goods sold, and . the ending inventory Number of Units 100 400 100 200 (50) 300 300 Unit Cost 4 5 7 7 8 Dexter Company uses the periodic inventory method and had the following inventory information available for the month of November. A physical count of units on November 30 revealed that 600 units were on hand. Date Transaction Nov 1 Beginning Inventory Nov 5 Purchase Nov 12 Sale Nov 18 Purchase Nov 19 Purchase Return Nov 25 Sale Nov 30 Purchase Create a schedule of cost of goods available for sale. Using FIFO, calculate • the cost of goods sold, and • the ending inventory Using Average Cost, calculate the cost of goods sold, and . the ending inventory Number of Units 100 400 100 200 (50) 300 300 Unit Cost 4 5 7 7 8

Answer rating: 100% (QA)

To calculate the cost of goods available for sale we need to add up the costs of the beginning inventory and all purchases made during the month of No... View the full answer