Given the following: January 1 inventory April 1 June 1 November 1 Cost of ending inventory Number purchased 51 71 61 66 249 Cost of goods sold Cast per unit $3 6 7 8 Total 153 426 427 528 $ 1,534 a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 72 units). $ b. Calculate the cost of goods sold using the FIFO (ending inventory shows 72 units).
Given the following: January 1 inventory April 1 June 1 November 1 Cost of ending inventory Number purchased 51 71 61 66 249 Cost of goods sold Cast per unit $3 6 7 8 Total 153 426 427 528 $ 1,534 a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 72 units). $ b. Calculate the cost of goods sold using the FIFO (ending inventory shows 72 units).
Chapter5: Operating Activities: Purchases And Cash Payments
Section: Chapter Questions
Problem 2.10C
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Transcribed Image Text:s Math (O/OL/ X
Assignment i
Question 15 - Chapter 18 Assign: X
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Given the following:
January 1 inventory
April 1
June 1
November 1
Cost of ending inventory
Cost of goods sold
e to search
Number
purchased
61
E C
+
249
Cost
per unit
$3
7
8
a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 72 units).
Saved
Total
$ 153
426
427
b. Calculate the cost of goods sold using the FIFO (ending inventory shows 72 units).
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Expert Solution
Step 1
FIFO is first in first out inventory management technique under which inventories which are purchased or manufactured first will be sold out first. Here,cost of ending inventory generally includes recent purchased units.
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