Question: The schedule below summarizes inventory movements during November for a Company. Compute the cost of goods sold for November and the cost of ending inventory
The schedule below summarizes inventory movements during November for a Company. Compute the cost of goods sold for November and the cost of ending inventory on November 30 under FIFO, LIFO and Average cost on scratch paper. The company uses the periodic method.
Inventory History Units Cost per unit Total cost Beg. Inventory Nov. 1 1000 7.50 7,500.00 Purchase Nov. 10 1200 9.00 10,800.00 Purchase Nov. 20 800 12.00 9,600.00 Sales during November 1900 Assume cost of goods sold under specific identification is $17,000 for any questions that deal with specific identification method. (For average cost, round the weighted average cost per unit to the nearest penny when you are doing your computations.) For each question below, choose the closest answer to your computation from the drop down list. - FIFO cost of ending inventory - FIFO cost of goods sold - LIFO cost of ending inventory - Weighted average cost of goods sold - Cost of ending inventory under specific identification a. $6,300 b. $8,400 c. $10,900 d. $12,300 e. $15,600 f. $17,100 g. $17,670 h. $19,500 i. $27,900
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