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.)
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 41BE: ( Appendix 6B) Inventory Costing Methods: Periodic Inventory Systems. Refer to the information for...
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