Calculate cost of goods sold and ending inventory for Emergicare’s bandages orders using FIFO, LIFO and average cost. There are 37 units in ending inventory. Note: Do not round intermediate calculations, such as average cost per unit values. Round your answers to the nearest cent. Date Units purchased Cost per unit Total cost January 1 56 $ 6.80 $ 380.80 April 1 51 6.05 308.55 June 1 66 5.80 382.80 September 1 61 6.30 384.30 Total 234 $ 1,456.45 Please answer what is the: cost of goods sold and ending inventory for the below: FIFO: LIFO: Average Cost:
Calculate cost of goods sold and ending inventory for Emergicare’s bandages orders using FIFO, LIFO and average cost. There are 37 units in ending inventory. Note: Do not round intermediate calculations, such as average cost per unit values. Round your answers to the nearest cent. Date Units purchased Cost per unit Total cost January 1 56 $ 6.80 $ 380.80 April 1 51 6.05 308.55 June 1 66 5.80 382.80 September 1 61 6.30 384.30 Total 234 $ 1,456.45 Please answer what is the: cost of goods sold and ending inventory for the below: FIFO: LIFO: Average Cost:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Calculate cost of goods sold and ending inventory for Emergicare’s bandages orders using FIFO, LIFO and average cost. There are 37 units in ending inventory.
Note: Do not round intermediate calculations, such as average cost per unit values. Round your answers to the nearest cent.
| Date | Units purchased | Cost per unit | Total cost |
|---|---|---|---|
| January 1 | 56 | $ 6.80 | $ 380.80 |
| April 1 | 51 | 6.05 | 308.55 |
| June 1 | 66 | 5.80 | 382.80 |
| September 1 | 61 | 6.30 | 384.30 |
| Total | 234 | $ 1,456.45 |
Please answer what is the:
cost of goods sold and ending inventory for the below:
FIFO:
LIFO:
Average Cost:
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