Calculate cost of goods sold and ending inventory for Emergicare's bandages orders using FIFO, LIFO and average cost. There are 34units in ending inventory. (Do not round intermediate calculations, such as average cost per unit values. Round your answers to thenearest cent.)CostUnits purchased per unit$8.50DateTotal cost$ 433.50January 1April 151467.75356.50June 1617.50457.50September 1Total568.00448.00214$1,695.50Cost of goods soldEnding inventoryFIFOLIFOAverage cost A sneaker outlet has made the following wholesale purchases of new running shoes: 12 pairs at $45, 18 pairs at $40, and 20 pairs at$50. An inventory taken last week indicates that 23 pairs are still in stock. Calculate the cost of this inventory by FIFO.Cost of ending inventory

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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 34units in ending inventory. (Do not round intermediate calculations, such as average cost per unit values. Round your an

Cost of goods sold Ending inventory FIFO $1,423.50 $272 LIFO $1,406.50 $289 Weighted-average method $1,426.13 $269.37Calculation of cost of goods sold and ending inventory using FIFO: Calculation of ending inventory: #Unit Per unit Total cost The most recent inventory purchased on September 1 34 $8 $272 Calculation of cost of goods sold: Cost of goods sold = Total cost available for sale - the cost of ending inventory = $1,695.50 - $272 = $1,423.50Calculation of cost of goods sold and ending inventory using LIFO: Calculation of ending inventory: #Unit Per unit Total cost The Beginning inventory on Jan 1 34 $8.50 $289 Calculation of cost of goods sold: Cost of goods sold = Total cost available for sale - the cost of ending inventory = $1,695.50 - $289 = $1,406.50Calculation of cost of goods sold and ending inventory using the weighted-average method: The weighted average cost per unit = Total cost of goods available for sale / total units available for sale = $1695.50 / 214 = $7.92289719 per unit Calculation of cost of ending inventory: Cost of ending inventory = Ending units * weighted average cost per unit = 34 units * $7.92289719 = $269.37 Cost of goods sold = Total cost of goods available for sale - Cost of ending inventory = $1695.50 - 269.37 = $1,426.13The solution to 2nd question: (Sneaker Outlet) According to the given information, ending units are 23 and here they are using the FIFO method: Calculation of ending inventory: #Unit Per unit Total cost The most recent purchase 20 $50 $1000 Second recent purchase 3 $40 $120 The total cost of ending inventory 23 $1,120

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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 34 units in ending inventory. (Do not round intermediate calculations, such as average cost per unit values. Round your answers to the nearest cent.) Cost Units purchased per unit $8.50 7.75 Date Total cost $ 433.50 January 1 April 1 51 46 356.50 June 1 61 7.50 457.50 September 1 56 8.00 448.00 Total 214 $1,695.50 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 34 units in ending inventory. (Do not round intermediate calculations, such as average cost per unit values. Round your answers to the nearest cent.) Cost Units purchased per unit $8.50 7.75 Date Total cost $ 433.50 January 1 April 1 51 46 356.50 June 1 61 7.50 457.50 September 1 56 8.00 448.00 Total 214 $1,695.50 Cost of goods sold Ending inventory FIFO LIFO Average cost

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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