HomeBbThread: Persuasive Essay-20225 XC ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launch Url=https%253A%252F%252Fblackboard.muskegoncc.edu%252Finternation buss Gmail YouTube Maps MY MCCInventory and Overload Homework (Ch. 18) i410pointseBook3PrintReferences749SunnyXMcGrawMillBSRefreshersGiven the following:January 1 inventoryApril 1June 1November 1Cost of ending inventoryNumberpurchasedcraQuestion 4 - Inventory and Over X52726267253ECostper unit$4789Total$a. Calculate the cost of ending inventory using the LIFO (ending inventory shows 73 units).+208504496603$ 1,811b. Calculate the cost of goods sold using the LIFO (ending inventory shows 73 units).Cost of goods soldO< Prev4 of 12SavedNextS>

LIFO (Last in first out) It is an accounting method to record inventory and finding cost of goods…

Answered: Cost of ending inventory b. Calculate…

Business

Accounting

Cost of ending inventory b. Calculate the cost of goods sold using the LIFO (en Cost of goods sold

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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Concept explainers

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

Question

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BbThread: Persuasive Essay-20225 X
C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launch Url=https%253A%252F%252Fblackboard.muskegoncc.edu%252F
internation buss Gmail YouTube Maps MY MCC
Inventory and Overload Homework (Ch. 18) i
4
10
points
eBook
3
Print
References
749
Sunny
X
Mc
Graw
Mill
BS
Refreshers
Given the following:
January 1 inventory
April 1
June 1
November 1
Cost of ending inventory
Number
purchased
cra
Question 4 - Inventory and Over X
52
72
62
67
253
E
Cost
per unit
$4
7
8
9
Total
$
a. Calculate the cost of ending inventory using the LIFO (ending inventory shows 73 units).
+
208
504
496
603
$ 1,811
b. Calculate the cost of goods sold using the LIFO (ending inventory shows 73 units).
Cost of goods sold
O
< Prev
4 of 12
Saved
Next
S
>

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How do i calculate ending inventory and cost of goods sold using LIFO?
According to our authors, define “cost” as it relates to determining the value of inventory. Provide examples.
Identify each item as describing the FIFO method, LIFO method, or average cost method of inventory valuation. A. Involves calculating the total number of units in the warehouse FIFO LIFO Average cost B. To determine cost of goods sold, begin with the earliest goods acquired FIFO LIFO Average cost C. To determine merchandise inventory balance, begin with the earliest goods acquired FIFO LIFO Average cost
The cost of goods sold (Using the FIFO method) $.__________________________ The of cost of the ending Inventory (using the LIFO method) $____________________ The cost of Goods sold (Using the LIFO method) $_______________________________
Which of the following items are included when calculating the carrying cost of inventory? (Select all that apply.) ✔ warehousing costs manufacturing costs procurement costs O financing costs
The cost of goods sold is based on the oldest purchases under which method of calculating inventory cost? O A. weighted average method O B. first in, first out (FIFO) O C. gross profit method O D. last in, first out (LIFO)
fifo and lifo for cost of goods sold and cost of ending inventory