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

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Hi thank you for your assiatance.When I submit the answer for the attached I asked over here yesterday. 3. Determine the share of the cost of goods available for sale calculated in Part 1 that should be assigned to ending inventory and to goods sold under: (Do not round the intermediate calculations and round the final answers to nearest whole dollar.) FIFO : Cost of goods sold $6988.00 is incorrect? can you please help why.
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.
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