Beginning Inventory Date January 1 Units Unit Cost Total Cost 120 Purchase January 15 380 $ 80 90 $ 9,600 Purchase January 24 200 110 34,200 22,000 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods. FIFO LIFO Cost of Ending Inventory Cost of Goods Sold Weighted Average Cost < Required 2 Required 3 >
Beginning Inventory Date January 1 Units Unit Cost Total Cost 120 Purchase January 15 380 $ 80 90 $ 9,600 Purchase January 24 200 110 34,200 22,000 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods. FIFO LIFO Cost of Ending Inventory Cost of Goods Sold Weighted Average Cost < Required 2 Required 3 >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Beginning Inventory
Date
January 1
Units
Unit Cost
Total Cost
120
Purchase
January 15
380
$ 80
90
$ 9,600
Purchase
January 24
200
110
34,200
22,000
Required:
1. Calculate the number and cost of goods available for sale.
2. Calculate the number of units in ending inventory.
3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Required 3
Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost
methods.
FIFO
LIFO
Cost of Ending
Inventory
Cost of Goods
Sold
Weighted Average Cost
< Required 2
Required 3 >
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