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

Name: Calculate cost of goods sold and ending inventory for Emergicare's ba
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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…

Business

Accounting

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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Use the following to answer the question(s) below: Shown below is the activity for one of the products of Random Creations: January 1 balance, 100 units @ $50 Purchases: January 18: 40 units @ $51 January 25: 40 units @ $52 Sales: January 22: 60 units January 31: 50 units 25-1) Required: Compute the January 31 cost of ending inventory, assuming Random Creations uses FIFO and periodic inventory system. Cost of ending inventory: $____________________ Your computations: (no credit if not shown). 25-2) Required: Compute the cost of goods sold for January, assuming Random Creations uses LIFO and periodic inventory system. Cost of goods sold: $____________________ Your computations: (no credit if not shown) 25-3) Required: Compute the cost of goods sold for January, assuming Random Creations uses LIFO and perpetual inventory system. Cost of goods sold: $____________________ Your computations: (no credit if not shown)…
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
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Tamarisk, Inc. reports the following for the month of June. June 1. Inventory 364 12 23 30 Purchase Purchase Inventory Units 728 Cost of goods sold 546 182 Cost of the ending inventory eTextbook and Media $ LA Unit Cost $ $4 7 11 Compute the cost of the ending inventory and the cost of goods sold under FIFO and LIFO. Total Cost $ 1,456 FIFO 5,096 6,006 B Which costing method gives the higher ending inventory? LIFO
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 January 1 April 1 June 1 September 1 Total FIFO LIFO Average cost Units Cost per purchased unit Total cost 51 $ 8.10 $ 413.10 46 7.35 338.10 61 7.10 433.10 56 7.60 425.60 214 $ 1,609.90 Cost of goods sold Ending inventory
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 FIFO cost of goods sold and ending inventory (2 answers) LIFO cost of goods sold and ending inventory (2 answers) Average cost cost of goods sold and ending inventory (2 answers)
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