Calculate cost of goods sold and ending inventory for Emergicare’s bandages orders using FIFO, LIFO and average cost. There are 35 units in ending inventory. (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 50 $ 7.50 $ 375.00 April 1 45 6.75 303.75 June 1 60 6.50 390.00 September 1 55 7.00 385.00 Total 210 $ 1,453.75 Cost of goods sold Ending inventory 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 35 units in ending inventory. (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 50 $ 7.50 $ 375.00 April 1 45 6.75 303.75 June 1 60 6.50 390.00 September 1 55 7.00 385.00 Total 210 $ 1,453.75 Cost of goods sold Ending inventory 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 35 units in ending inventory. (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 | 50 | $ | 7.50 | $ | 375.00 | ||
| April 1 | 45 | 6.75 | 303.75 | ||||
| June 1 | 60 | 6.50 | 390.00 | ||||
| September 1 | 55 | 7.00 | 385.00 | ||||
| Total | 210 | $ | 1,453.75 | ||||
|
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Step 1 Calculation of units sold
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VIEWStep 3 Calculation of Cost of goods Sold & Ending Inventory Using LIFO
VIEWStep 4 Calculation of Cost of goods Sold & Ending Inventory Using Average cost
VIEWStep 5 Consolidation of above steps
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