Calculate cost of goods sold and ending inventory for Emergicare's bandages orders using FIFO, LIFO and average cost. There are 30units in ending inventory. (Do not round your intermediate calculation and round your final answers to the nearest cent.)Units purchasedCost per unit$6.80DateTotal costJanuary 1April 148$326.40386.80258.40June 1605.80348.00September 1536.80360.40Total199$1,293.20Cost of goods soldEnding inventoryFIFOLIFOAverage cost

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Description: Calculate cost of goods sold and ending inventory for Emergicare's bandages orders using FIFO, LIFO and average cost. There are 30units in ending inventory. (Do not round your intermediate calculation and round your final answers to the nearest cent

Inventory valuation refers to the methods used by the company to determine the value of its…

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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 30 units in ending inventory. (Do not round your intermediate calculation and round your final answers to the nearest cent.)

Calculate cost of goods sold and ending inventory for Emergicare's bandages orders using FIFO, LIFO and average cost. There are 30 units in ending inventory. (Do not round your intermediate calculation and round your final answers to the nearest cent.)

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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Calculate cost of goods sold and ending inventory for Emergicare's bandages orders using FIFO, LIFO and average cost. There are 24 units in ending inventory. (Do not round your intermediate calculation and round your final answers to the nearest cent.) Date January 1 April 1 June 1 September 1 Total Units purchased Cost per unit 42 32 54 47 175 FIFO. Cost of Goods Sold. Ending Inven LIFO Average cost Total cost $ 6.20 6.20 5.20 6.20 $260.40 198.40 280.80 291.40 $ 1,031.00
Katelyn is the Purchasing Manager at Polo Industries, Inc. She asked you to help her determine what the Ending Balance for Inventory and the Cost of Goods Sold total would be using the three (3) valuation methods: (a) LIFO (last in first out), (b) FIFO (first in first out), and Weighted Average. The purchase information is below: O-Matic Inventory Purchase Saturday, June 6, 2020 Sunday, June 14, 2020 Thursday, June 18, 2020 Tuesday, June 30, 2020 Items Cost per Item 107 85.10 158 79.50 87 %24 95.00 24 93 445 92.40 Katelyn told you that 300 items were sold and 145 remained in inventory. (c) Calculate the valuations using Weighted Average (2 answers required). Round to the nearest 2 decimal places. HTML Editor B IUA-囚、1三三=E x I 12pt Paragraph
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