Cost Units purchased per unit $8.20 Date Total cost $ 369.00 January 1 Аpril 1 45 40 7.45 298.00 June 1 55 7.20 396.00 September 1 50 7.70 385.00 Total 190 $1,448.00

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Topic Video
Question

Calculate cost of goods sold and ending inventory for Emergicare’s bandages orders using FIFO, LIFO and average cost. There are 30 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
Total cost
$ 369.00
Date
January 1
April 1
June 1
45
$8.20
40
7.45
298.00
55
7.20
396.00
September 1
50
7.70
385.00
Total
190
$1,448.00
Cost of goods sold
Ending inventory
FIFO
LIFO
Average cost
Transcribed Image Text:Cost Units purchased per unit Total cost $ 369.00 Date January 1 April 1 June 1 45 $8.20 40 7.45 298.00 55 7.20 396.00 September 1 50 7.70 385.00 Total 190 $1,448.00 Cost of goods sold Ending inventory FIFO LIFO Average cost
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Accounting for Merchandise Inventory
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education