(b2)Your AnswerDetermine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, andaverage-cost). (Round answers to 0 decimal places, e.g. 1,250.)(c)Correct Answer (Used)The ending inventoryThe cost of goods sold(1)(2)FIFO38,00071,500LAtaproduces the highest inventory amount, $LIFOproduces the highest cost of goods sold, $23,50086,000LALAWhich cost flow method results in (1) the highest inventory amount for the balance sheet and (2) the highest cost of goods sold forthe income statement?AVERAGE-COST31,02578,475

FIFO is first in first out which means inventory bought first is sold first.LIFO is last in first…

(b2) Your Answer Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to O decimal places, e.g. 1,250.) The ending inventory Correct Answer (Used) The cost of goods sold $ (c) (1) (2) FIFO 38,000 71,500 LA $ produces the highest inventory amount, $ LIFO produces the highest cost of goods sold, $ 23,500 86,000 $ CA $ LA Which cost flow method results in (1) the highest inventory amount for the balance sheet and (2) the highest cost of goods sold for the income statement? AVERAGE-COST 31,025 78,475

(b2) Your Answer Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to O decimal places, e.g. 1,250.) The ending inventory Correct Answer (Used) The cost of goods sold $ (c) (1) (2) FIFO 38,000 71,500 LA $ produces the highest inventory amount, $ LIFO produces the highest cost of goods sold, $ 23,500 86,000 $ CA $ LA Which cost flow method results in (1) the highest inventory amount for the balance sheet and (2) the highest cost of goods sold for the income statement? AVERAGE-COST 31,025 78,475

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

Please do not give solution in image format thanku
Oriole Company's record of transactions concerning part WA6 for the month of September was as follows. Purchases September 1 (balance on hand) 3 (a1) نا 12 292 2 16 300 200 @ 300 @ 300 @ 500 @ 300 @ $13.00 Average-cost per unit $ @ 13.10 13.25 13.30 13.30 13.40 Sales September 4 17 27 30 400 600 300 200 Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only. (Round answer to 2 decimal places, eg. 2.76.)
Instructions: Please DO NOT Excel. Please provide detailed explanations on how you got your answer. Calculate the average cost. cost of goods available for sale: 6,424
H1.
Snow-Tech Inc. sells an Xpert ski that is popular with ski enthusiasts. The following information shows Snow-Tech's purchases and sales of Xpert skis during November: Date Nov. 1 Beginning inventory 5 12 19 22 Explanation 25 Purchases Sales Purchases Sales Purchases Unit Units Cost/Price $296 301 34 23 (40) 42 (48) 33 44 461 306 513 311
Problem 1 of 2 (note additional problem below): Calculate the cost of goods sold dollar value and the value of ending inventory for En Cee Yo0 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIF0); and (c) weighted average (AVG). You must show your work and calculations--answers that are correct but do not show calculations are graded as a zero grade. Place your answers in the shaded cells. Number of Units Unit Cost 110 $ Beginning inventory, March 1 Purchased inventory, March 8 86 140 $ 90 Sold inventory for $110 per unit, March 11 95 If you use the FIFO method, the dollar value of COGS is → and the dollar value of ending inventory is- If you use the LIFO method, the dollar value of COGS is - and the dollar value of ending inventory is- If you use the Weighted Average method, the dollar value of…
1
Glasgow Corporation has the following inventory transactions during the year. Unit Number of Units 53 133 Cost $ 45 47 Total Cost $ 2,385 6,251 10,150 5,763 Date Transaction Jan. 1 Beginning inventory Purchase Purchase Purchase Apr. 7 Jul.16 203 50 Oct. 6 113 51 502 $24,549 For the entire year, the company sells 433 units of inventory for $63 each.
Qw000.7
Given the following: Numberpurchased Costper unit Total January 1 inventory 32 $ 4 $ 128 April 1 52 6 312 June 1 42 7 294 November 1 47 8 376 173 $ 1,110 a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 53 units). b. Calculate the cost of goods sold using the FIFO (ending inventory shows 53 units).
am. 1230.
Please do not give solution in image format thanku