Please do not give solution in image format thanku Beginning180Purchase154,200Purchase2422,000Unit CostInventory120$ 9,600380200DateJanuary$January90January110UnitsTotal CostRequired:1. Calculate the number and cost of goodsavailable for sale.2. Calculate the number of units in endinginventory.3. Calculate the cost of ending inventory andcost of goods sold using the (a) FIFO, (b) LIFO,and (c) weighted average cost methods.3

Since in this question no sales unit is given we are assuming that number of units that are sold is…

1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods.

1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

Question

Please do not give solution in image format thanku

Beginning
1
80
Purchase
15
4,200
Purchase
24
22,000
Unit Cost
Inventory
120
$ 9,600
380
200
Date
January
$
January
90
January
110
Units
Total Cost
Required:
1. Calculate the number and cost of goods
available for sale.
2. Calculate the number of units in ending
inventory.
3. Calculate the cost of ending inventory and
cost of goods sold using the (a) FIFO, (b) LIFO,
and (c) weighted average cost methods.
3

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Step 2: 1.Number and cost of goods available for sale

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Step 3: 2. number of units in ending inventory

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Step 4: 3. cost of ending inventory and cost of goods sold using the FIFO, LIFO and Weighted average

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