Solve for only part b thanku (b)Calculate ending inventory at October 31 and cost of goods sold for the month assuming that DL used (1) FIFO and (2) averagecost. (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 inventoryCost of goods soldLA$LAFIFOtAtA$Average Deala Ltd. (DL) is a retailer of office equipment. The company uses a periodic inventory system and on October 1 had 2,000 units ofinventory with a total cost of $46,000. During the month of October, DL had the following inventory-related transactions:DateOct.(a)912172528ExplanationPurchasePurchasesSalePurchaseSaleYour answer is correct.Units4,5004,300(4,500 )4,300(6,300 )Cost of goods available for saleUnit Cost/Price$24.00tA23.50FIFO40.00Determine the cost of goods available for sale for the month.23.8040.00357390LATotal Cost$108,000101,050102,340Average357390

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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

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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