Question: Hard to solve this question.. Could u solve it and explanation? Thanks Question V (23 marks} The Rattan Co. has the following information available during

Hard to solve this question.. Could u solve it and explanation? Thanks

Question V (23 marks} The Rattan Co. has the following information available during the year ended December 31, 2020: Jan 01 Inventory, beginning 290 units $82/unit balance March 10 Purchased 205 units $86/unit March 20 Sold 370 units $162/unit April 30 Purchase 281 units $80/unit July 05 Purchased 255 units $66/unit September 15 Sold 510 units $162/unit The Rattan Co. uses a perpetual inventory system. Required 1. Calculate in a table form a dollar value of ending inventory and cost of goods sold using methods: a. FIFO b. Moving weighted average c. Specific identification: on March 20 sold 200 units from January 01 balance and 170 units from March 10; on September 15 sold 90 units from January 01 balance, 35 units from March 10 purchase, 280 units from April 30 purchase, and 105 units from July 05 purchase. Round all unit costs to two decimal places. 2. Using your calculation in Part 1, complete the following schedule: FIFO Moving weighted average Specific identification Sales Cost of goods sold Gross profit Gross profit ratio
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
