15. Inventory records for Cameron Products Inc. revealed the following: Date Transaction Number of Units 400 Apri1 Beginning Inventory wat foutsans April 14 Purchase n 400 April 22 Purchase oss no 002, Total Goods Available for Sale FIFO LIFO Cost Of Good Sold: $ Ending Inventory $ Cost Of Good Sold: $ Ending Inventory $ Weighted Average 200 odzib idqua The company sold 900 units during the month. 100 ending Inventory Compute the ending inventory (EI) and Cost of Goods Sold (COGS) under 3 methods: FIFO, LIFO, and weighted-average cost. You must show your calculations to get credit. Cost Of Good Sold: $ Ending Inventory $ 1000 Unit Cost $2.40 $2.50 $2.60 Total Cost 960 1000 520 2480 2590 Pago 6
15. Inventory records for Cameron Products Inc. revealed the following: Date Transaction Number of Units 400 Apri1 Beginning Inventory wat foutsans April 14 Purchase n 400 April 22 Purchase oss no 002, Total Goods Available for Sale FIFO LIFO Cost Of Good Sold: $ Ending Inventory $ Cost Of Good Sold: $ Ending Inventory $ Weighted Average 200 odzib idqua The company sold 900 units during the month. 100 ending Inventory Compute the ending inventory (EI) and Cost of Goods Sold (COGS) under 3 methods: FIFO, LIFO, and weighted-average cost. You must show your calculations to get credit. Cost Of Good Sold: $ Ending Inventory $ 1000 Unit Cost $2.40 $2.50 $2.60 Total Cost 960 1000 520 2480 2590 Pago 6
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please do not give solution in image format thanku
Transcribed Image Text:15. Inventory records for Cameron Products Inc. revealed the following:
Date
Number of Units
400
April 1
anwalch
April 14
April 22
FIFO
Transaction
Beginning Inventory
o
Purchase
LIFO
Purchase
Total Goods Available for Sale
Cost Of Good Sold: $
Ending Inventory $
Cost Of Good Sold: $
Ending Inventory $
The company sold 900 units during the month. 100 ending Inventory
Compute the ending inventory (EI) and Cost of Goods Sold (COGS) under 3 methods: FIFO, LIFO,
and weighted-average cost. You must show your calculations to get credit.
Weighted Average
m 400
ma 200
1000
Cost Of Good Sold: $
Ending Inventory $
Unit Cost
$2.40
$2.50
$2.60
Total Cost
960
1000
520
2480
Pago 6
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step 1: Introducing Inventory Valuation
VIEWStep 2: Calculate the Cost of Goods Sold & Ending Inventory Using FIFO Method
VIEWStep 3: Calculate the Cost of Goods Sold & Ending Inventory Using LIFO Method
VIEWStep 4: Calculate the Cost of Goods Sold & Ending Inventory Using Weighted Average Method
VIEWSolution
VIEW
Step by step
Solved in 5 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education