January 1 March 28 Beginning Inventory Purchase Purchase Purchase Goods Available for Sale August 22 October 14 Transaction b. LIFO. C. Ending Inventory Cost of Goods Sold Ending Inventory Cost of Goods Sold Units 33 43 66 71 The company sold 71 units on May 1 and 66 units on October 28. Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods. a. FIFO. 213 Ending Inventory Cost of Goods Sold Unit Cost $83 89 93 99 Total Cost $ 2,739 3,827 6,138 7,029 $ 19,733 Weighted Average. (Do not round your intermediate calculations. Round your final answers to th nearest whole dollar.)
January 1 March 28 Beginning Inventory Purchase Purchase Purchase Goods Available for Sale August 22 October 14 Transaction b. LIFO. C. Ending Inventory Cost of Goods Sold Ending Inventory Cost of Goods Sold Units 33 43 66 71 The company sold 71 units on May 1 and 66 units on October 28. Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods. a. FIFO. 213 Ending Inventory Cost of Goods Sold Unit Cost $83 89 93 99 Total Cost $ 2,739 3,827 6,138 7,029 $ 19,733 Weighted Average. (Do not round your intermediate calculations. Round your final answers to th nearest whole dollar.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
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Please do not give solution in image format thanku
Transcribed Image Text:January 1
March 28
August 22
October 14
Goods Available for Sale
a. FIFO.
Transaction
Beginning Inventory
Purchase
Purchase
Purchase
b. LIFO.
C.
Ending Inventory
Cost of Goods Sold
The company sold 71 units on May 1 and 66 units on October 28.
Required:
Calculate the company's ending inventory and cost of goods sold using the each of following inventory
costing methods.
Ending Inventory
Cost of Goods Sold
Units
33
43
66
71
Ending Inventory
Cost of Goods Sold
213
Unit Cost
$83
89
93
99
Total Cost
$ 2,739
3,827
6,138
7,029
$ 19,733
Weighted Average. (Do not round your intermediate calculations. Round your final answers to the
nearest whole dollar.)
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