Question: My answers seem wrong , can you check? Computing Cost of Sales and Ending Inventory Stocken Company has the following financial records for the current
My answers seem wrong , can you check?
Computing Cost of Sales and Ending Inventory Stocken Company has the following financial records for the current period. Units Unit Cost Beginning Inventory $50 150 Purchases: #1 600 48 #2 500 46 #3 250 45 Ending inventory is 350 units. Compute the ending inventory and the cost of goods sold for the current period using (a) first-in, first out, (b) average cost, and (c) last-in, first out. (Hint: For average cost, round average cost per unit to two decimal places for calculation of ending inventory. Round to the nearest whole number. Cost of goods sold Cost of goods available for sale less ending inventory.) (a) First-in, first-out Ending inventory $ Cost of goods sold 15,850 54,700 (b) Average cost Ending inventory $ 16,462 Cost of goods sold 54,088 (c) Last-in, first-out Ending inventory $ 17,100 Cost of goods sold $ 53,450
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