For each inventory method, FIFO and LIFO, calculate Cost of Goods Sold and Ending Inventory using the following information: ● On March 20, the company purchased 10 units at $842 per unit. On April 1, the company purchased 10 units at $910 per unit.. On April 3, the company purchased 25 units at $1,060 per unit. On April 17, the company purchased 30 units at $1,150 per unit. On April 28, the company purchased 30 units at $1,190 per unit. On March 25, the company sold 10 units at $954 each. • On April 14, the company sold 30 units at $1,300 per unit. ● On April 31, the company sold 53 units at $1,500 per unit. Please explain all calculations and show work.
For each inventory method, FIFO and LIFO, calculate Cost of Goods Sold and Ending Inventory using the following information: ● On March 20, the company purchased 10 units at $842 per unit. On April 1, the company purchased 10 units at $910 per unit.. On April 3, the company purchased 25 units at $1,060 per unit. On April 17, the company purchased 30 units at $1,150 per unit. On April 28, the company purchased 30 units at $1,190 per unit. On March 25, the company sold 10 units at $954 each. • On April 14, the company sold 30 units at $1,300 per unit. ● On April 31, the company sold 53 units at $1,500 per unit. Please explain all calculations and show work.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:For each inventory method, FIFO and
LIFO, calculate Cost of Goods Sold and
Ending Inventory using the following
information: On March 20, the
company purchased 10 units at $842
per unit. On April 1, the company
purchased 10 units at $910 per unit..
On April 3, the company purchased 25
units at $1,060 per unit. On April 17,
the company purchased 30 units at
$1,150 per unit. On April 28, the
company purchased 30 units at $1,190
per unit. On March 25, the company
sold 10 units at $954 each. ● On April
14, the company sold 30 units at
$1,300 per unit. On April 31, the
company sold 53 units at $1,500 per
unit.
Please explain all calculations and
show work.
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