Katelyn is the Purchasing Manager at Polo Industries, Inc. She asked you to help her determine what the Ending Balance for Inventory and the Cost of Goods Sold total would be using three valuation methods: (a) LIFO (last in, first out), (b) FIFO (first in, first out), and Weighted Average. The purchase information is below:**Inventory Purchase**- **Saturday, June 6, 2020**: 107 items at $85.10 per item- **Sunday, June 14, 2020**: 158 items at $79.50 per item- **Thursday, June 18, 2020**: 87 items at $95.00 per item- **Tuesday, June 30, 2020**: 93 items at $92.40 per item- **Total**: 445 itemsKatelyn told you that 300 items were sold and 145 remained in inventory.**Task**: (c) Calculate the valuations using Weighted Average (2 answers required). Round to the nearest 2 decimal places.

Name: Katelyn is the Purchasing Manager at Polo Industries, Inc. She asked
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Description: Katelyn is the Purchasing Manager at Polo Industries, Inc. She asked you to help her determine what the Ending Balance for Inventory and the Cost of Goods Sold total would be using three valuation methods: (a) LIFO (last in, first out), (b) FIFO (fi

Particulars Units Price per unit Total value June 6 107 $85.10…

Business

Accounting

Katelyn is the Purchasing Manager at Polo Industries, Inc. She asked you to help her determine what the Ending Balance for Inventory and the Cost of Goods Sold total would be using the three (3) valuation methods: (a) LIFO (last in first out), (b) FIFO (first in first out), and Weighted Average. The purchase information is below: Inventory Purchase Saturday, June 6, 2020 Sunday, June 14, 2020 Thursday, June 18, 2020 Tuesday, June 30, 2020 Cost per Item 2$ Items 107 85.10 2$ 2$ 2$ 158 79.50 87 95.00 93 92.40 445 Katelyn told you that 300 items were sold and 145 remained in inventory. (c) Calculate the valuations using Weighted Average (2 answers required). Round to the nearest 2 decimal places.

Katelyn is the Purchasing Manager at Polo Industries, Inc. She asked you to help her determine what the Ending Balance for Inventory and the Cost of Goods Sold total would be using the three (3) valuation methods: (a) LIFO (last in first out), (b) FIFO (first in first out), and Weighted Average. The purchase information is below: Inventory Purchase Saturday, June 6, 2020 Sunday, June 14, 2020 Thursday, June 18, 2020 Tuesday, June 30, 2020 Cost per Item 2$ Items 107 85.10 2$ 2$ 2$ 158 79.50 87 95.00 93 92.40 445 Katelyn told you that 300 items were sold and 145 remained in inventory. (c) Calculate the valuations using Weighted Average (2 answers required). Round to the nearest 2 decimal places.

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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