Calculate ending inventory at October 31 and cost of goods sold for the month assuming that DL used (1) FIFO and (2) average cost. (Round average cost per unit to 2 decimal places, e.g. 50.25 and all other answers to the nearest whole dollar, e.g. 5,275.) Cost of ending inventory Cost of goods sold $ $ FIFO $ LA $ Average
Calculate ending inventory at October 31 and cost of goods sold for the month assuming that DL used (1) FIFO and (2) average cost. (Round average cost per unit to 2 decimal places, e.g. 50.25 and all other answers to the nearest whole dollar, e.g. 5,275.) Cost of ending inventory Cost of goods sold $ $ FIFO $ LA $ Average
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Solve for only part b thanku
Transcribed Image Text:(b)
Calculate ending inventory at October 31 and cost of goods sold for the month assuming that DL used (1) FIFO and (2) average
cost. (Round average cost per unit to 2 decimal places, e.g. 50.25 and all other answers to the nearest whole dollar, e.g. 5,275.)
Cost of ending inventory
Cost of goods sold
LA
$
LA
FIFO
tA
tA
$
Average
Transcribed Image Text:Deala Ltd. (DL) is a retailer of office equipment. The company uses a periodic inventory system and on October 1 had 2,000 units of
inventory with a total cost of $46,000. During the month of October, DL had the following inventory-related transactions:
Date
Oct.
(a)
9
12
17
25
28
Explanation
Purchase
Purchases
Sale
Purchase
Sale
Your answer is correct.
Units
4,500
4,300
(4,500 )
4,300
(6,300 )
Cost of goods available for sale
Unit Cost/Price
$24.00
tA
23.50
FIFO
40.00
Determine the cost of goods available for sale for the month.
23.80
40.00
357390
LA
Total Cost
$108,000
101,050
102,340
Average
357390
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