Given the following calculate the cost of ending inventory and goods sold using fifo. Given the following:NumberCostpurchasedper unit$ 3TotalJanuary 1 inventoryApril 135$10555June 1330457November 131550400185$1,150a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 56 units).XAnswer is complete but not entirely correct.Cost of ending inventory24448 a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 56 units).X Answer is complete but not entirely correct.Cost of ending inventory2$448 Xb. Calculate the cost of goods sold using the FIFO (ending inventory shows 56 units).X Answer is complete but not entirely correct.Cost of goods sold702 X

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Description: Given the following calculate the cost of ending inventory and goods sold using fifo. Given the following:NumberCostpurchasedper unit$ 3TotalJanuary 1 inventoryApril 135$10555June 1330457November 131550400185$1,150a. Calculate the cost of ending inve

Under FIFO method i.e First in First Out method, the inventory which is purchased first will be sold…

Business

Accounting

Given the following: Number Cost purchased per unit Total January 1 inventory April 1 35 $ 3 $ 105 55 June 1 330 45 November 1 315 50 8 400 185 $1,150 a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 56 units).

Given the following: Number Cost purchased per unit Total January 1 inventory April 1 35 $ 3 $ 105 55 June 1 330 45 November 1 315 50 8 400 185 $1,150 a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 56 units).

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 Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Given the following calculate the cost of ending inventory and goods sold using fifo.

Given the following:
Number
Cost
purchased
per unit
$ 3
Total
January 1 inventory
April 1
35
$105
55
June 1
330
45
7
November 1
315
50
400
185
$1,150
a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 56 units).
XAnswer is complete but not entirely correct.
Cost of ending inventory
24
448

a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 56 units).
X Answer is complete but not entirely correct.
Cost of ending inventory
2$
448 X
b. Calculate the cost of goods sold using the FIFO (ending inventory shows 56 units).
X Answer is complete but not entirely correct.
Cost of goods sold
702 X

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