Calculate the August cost of goods sold in the ending inventory at August 31 using, first in, first out,last in, first out, and the weighted average cost methods. Do not round until your final answers. Round your final answers to the nearest dollar. **Arrow Company Inventory Analysis****Background Information:**Arrow Company is a retailer that utilizes the periodic inventory system. The inventory transactions for Product A during the month of August are as follows:| Date | Transaction | Quantity (units) | Unit Price | Total Cost/Total Sale ||-----------|--------------------------|------------------|-------------|-----------------------|| August 1 | Beginning inventory | 80 units | $20.00 | $1,600 total cost || August 5 | Purchased | 100 units | $21.16 | $2,116 total cost || August 8 | Purchased | 200 units | $22.08 | $4,416 total cost || August 11 | Sold | 170 units | - | $4,800 total sale |**Objective:**Calculate the August cost of goods sold (COGS) and the ending inventory at August 31 using the:1. First-in, first-out (FIFO) method2. Last-in, first-out (LIFO) method3. Weighted-average cost method**Instructions:**Do not round until the final answers. Round your final answers to the nearest dollar.**A. First-in, First-out (FIFO)**| Category | Calculation ||--------------------|------------------|| Ending Inventory | $ __________ || Cost of Goods Sold | $ __________ |**B. Last-in, First-out (LIFO)**| Category | Calculation ||--------------------|------------------|| Ending Inventory | $ __________ || Cost of Goods Sold | $ __________ |**C. Weighted-average Cost**| Category | Calculation ||--------------------|------------------|| Ending Inventory | $ __________ || Cost of Goods Sold | $ __________ |By employing these methods, Arrow Company can analyze its inventory costs and determine the impact of differing inventory valuation methods on its financial statements.

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Description: Calculate the August cost of goods sold in the ending inventory at August 31 using, first in, first out,last in, first out, and the weighted average cost methods. Do not round until your final answers. Round your final answers to the nearest dollar.

Inventory is valued on the basis of different inventory valuation methods such as LIFO, FIFO, or…

Business

Accounting

Arrow Company is a retailer that uses the periodic inventory system. August 1 Beginning inventory 80 5 Purchased 8 Purchased units of Product A @ $1,600 total cost 100 units of Product A @ $2,116 total cost 200 units of Product A @ $4,416 total cost 170 units of Product A @ $4,800 total sale 11 Sold Calculate the August cost of goods sold and the ending inventory at August 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Do not round until your final answers. Round your final answers to the nearest dollar. A. First-in, first-out Ending Inventory S Cost of Goods Sold S B. Last-in, first-out Ending Inventory Cost of Goods Sold S C. Weighted-average cost 4 Ending Inventory

Arrow Company is a retailer that uses the periodic inventory system. August 1 Beginning inventory 80 5 Purchased 8 Purchased units of Product A @ $1,600 total cost 100 units of Product A @ $2,116 total cost 200 units of Product A @ $4,416 total cost 170 units of Product A @ $4,800 total sale 11 Sold Calculate the August cost of goods sold and the ending inventory at August 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Do not round until your final answers. Round your final answers to the nearest dollar. A. First-in, first-out Ending Inventory S Cost of Goods Sold S B. Last-in, first-out Ending Inventory Cost of Goods Sold S C. Weighted-average cost 4 Ending Inventory

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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