Question: Question 2: (10 Points) A1, B1, C1, C2, D3 ABC Company uses the periodic inventory method and had the following inventory information available: Date Item
Question 2: (10 Points) A1, B1, C1, C2, D3 ABC Company uses the periodic inventory method and had the following inventory information available: Date Item Units Unit cost 1/1 Beginning inventory 100 BD 10 4/1 Purchase 200 11 10/1 Purchase 110 13 13/1 Sales 100 20 15/1 Purchase 250 12 20/1 Sales 200 22 22/1 Sales 250 25 Instructions: (a) Using the FIFO assumption, calculate the amount charged to cost of goods sold for January. (Show computations) (b) Using the weighted average method, calculate the amount assigned to the inventory on hand on January 31. (Show computations)
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
