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# 5 (15-28) Calculate cost of ending inventory and cost of goods sold for Emergicare's bandages orders using FIFO, LIFO, and average cost (weighted average). There are 35 units in ending inventory. Date Units purchased Cost per unit $ 7.50 Total cost January 1 April 1 June 1 $ 375.00 303.75 50 45 6.75 60 55 6.50 390.00 September 1 7.00 385.00 $1,453.75 Total 210

# 5 (15-28) Calculate cost of ending inventory and cost of goods sold for Emergicare's bandages orders using FIFO, LIFO, and average cost (weighted average). There are 35 units in ending inventory. Date Units purchased Cost per unit $ 7.50 Total cost January 1 April 1 June 1 $ 375.00 303.75 50 45 6.75 60 55 6.50 390.00 September 1 7.00 385.00 $1,453.75 Total 210

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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# 5 (15-28) Calculate cost of ending inventory and cost of goods sold for Emergicare's bandages orders using FIFO, LIFO, and average cost (weighted average). There are 35 units in ending inventory. Date January 1 April 1 Cost per unit $ 7.50 Units purchased Total cost $ 375.00 45 6.75 303.75 June 1 6.50 September 1 09 55 385.00 Total 210 $1,453.75
Transcribed Image Text:# 5 (15-28) Calculate cost of ending inventory and cost of goods sold for Emergicare's bandages orders using FIFO, LIFO, and average cost (weighted average). There are 35 units in ending inventory. Date January 1 April 1 Cost per unit $ 7.50 Units purchased Total cost $ 375.00 45 6.75 303.75 June 1 6.50 September 1 09 55 385.00 Total 210 $1,453.75
Expert Solution
Step 1 : Working notes
  • Weighted average cost per unit = 50 units x $7.5 + 45 units x $6.75 + 60 units x $6.50 + 55 units x $7210 units

                                                            = $375+ $303.75 + $390 +$385210 units

                                                           = $6.92

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