Someone gave me this answer :cost of ending inventory : 26,300 Cost of goods sold: 36,370And it is not correct ### Anderson Company Inventory InformationFor the year ending December 31, Anderson Company provided the following inventory data:| Description | Units | Unit Cost ||----------------------|-------|-----------|| Beginning inventory | 390 | $33 || **Purchases** | | || - April 6 | 590 | $38 || - July 19 | 510 | $43 || - October 10 | 100 | $44 || **Sales** | | || - May 4 | 310 | || - September 9 | 580 | |**Inventory Management System:**- Anderson Company employs a perpetual inventory system and utilizes the Last-In, First-Out (LIFO) method for inventory valuation.**Required Calculations:**1. **Compute the cost of ending inventory.**2. **Compute the cost of goods sold (COGS) for the year.**Fields are provided for calculating:- Cost of ending inventory: $ [Input Field]- Cost of goods sold: $ [Input Field]

Perpetual inventory system: Under this inventory system, the records of inventory are continuously…

Anderson Company had the following information for the year ending December 31: Units Unit Cost Beginning inventory 390 $33 Purchase: April 6 590 38 Sale: May 4 310 Purchase: July 19 510 43 Sale: September 9 580 Purchase: October 10 100 44 Anderson uses the perpetual inventory system and the LIFO method. Required: Using LIFO (a) Compute the cost of ending inventory. (b) Compute the cost of goods sold for the year. Cost of ending inventory Cost of goods sold $0

Anderson Company had the following information for the year ending December 31: Units Unit Cost Beginning inventory 390 $33 Purchase: April 6 590 38 Sale: May 4 310 Purchase: July 19 510 43 Sale: September 9 580 Purchase: October 10 100 44 Anderson uses the perpetual inventory system and the LIFO method. Required: Using LIFO (a) Compute the cost of ending inventory. (b) Compute the cost of goods sold for the year. Cost of ending inventory Cost of goods sold $0

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Blake Company purchased two identical inventory items. The item purchased first cost $27.00, and the item purchased second cost $28.00. Blake sold one of the items for $50.00. Which of the following statements is true? Multiple Choice O The dollar amount assigned to ending inventory will be the same matter which inventory cost flow method is used. Cost of goods sold will be higher if Blake uses the FIFO rather than the weighted-average inventory cost flow method. Ending inventory will be lower if Blake uses the weighted-average rather than the FIFO inventory cost flow method. Gross margin will be higher if Blake uses LIFO rather than the FIFO inventory cost flow method.
Hello, I'm stuck on how to solve part A of this question
What will be the correct answer for weight average cost method for ending inventory and cost of goods sold?
Please do not give solution in image format thanku
None
Can anyone help me these question, PA11 and PA12?
Please do not give solution in image format thanku
am. 1230.
Please do not give solution in image format thanku
Hello, I'm not sure how to solve this problem
Please do not give solution in image format thanku
Can you explain in detail why A is correct?