**Exercise 6-08 a-d (Part Level Submission)**Wildhorse Co. had 145 units in beginning inventory at a total cost of $17,400. The company purchased 290 units at a total cost of $43,500. At the end of the year, Wildhorse had 60 units in ending inventory.*(a)*[✓] Your answer is partially correct. Try again.Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average-cost per unit and final answers to 0 decimal places, e.g., 1,250.)| | FIFO | LIFO | Average-cost ||---------------------|----------|----------|--------------|| The cost of the ending inventory | $9,000 | $7,200 | $8,400 || The cost of goods sold | $51,900 | $52,200 | $52,200 |(b)The parts of this question must be completed in order. This part will be available when you complete the part above.(c)The parts of this question must be completed in order. This part will be available when you complete the part above.*(d)*The parts of this question must be completed in order. This part will be available when you complete the part above.---This is an exercise involving inventory costing methods. In the table, FIFO (First-In, First-Out), LIFO (Last-In, First-Out), and average-cost methods are compared regarding the cost of ending inventory and cost of goods sold for Wildhorse Co. The values computed show the financial impact of each inventory valuation method.**Details of the Graph/Diagram:**- The table is divided into three columns: FIFO, LIFO, and Average-cost.- Row 1 shows the cost of the ending inventory for each method.- Row 2 shows the cost of goods sold for each method.The "Your answer is partially correct" indicates that there might be an error in the computed values, which the student can attempt to correct by recalculating.

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Description: **Exercise 6-08 a-d (Part Level Submission)**Wildhorse Co. had 145 units in beginning inventory at a total cost of $17,400. The company purchased 290 units at a total cost of $43,500. At the end of the year, Wildhorse had 60 units in ending inventor

FIFO method: The cost of ending inventory = $9,000 Cost of goods sold = Opening stock + Purchases -…

Business

Accounting

(a), Your answer is partially correct. Try again. Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average-cost per unit and final answers to 0 decimal places, e.g. 1,250.) FIFO LIFO Average-cost The cost of the ending inventory $9000 犯200 地400 The cost of goods sold 17400 9000 17220

(a), Your answer is partially correct. Try again. Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average-cost per unit and final answers to 0 decimal places, e.g. 1,250.) FIFO LIFO Average-cost The cost of the ending inventory $9000 犯200 地400 The cost of goods sold 17400 9000 17220

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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