Calculate cost of goods sold and ending inventory for Emergicare’s bandages orders using FIFO, LIFO and average cost. There are 28 units in ending inventory. (Do not round your intermediate calculation and round your final answers to the nearest cent.) DateUnits purchasedCost per unitTotal cost January 1 46 $6.60 $303.60 April 1 36 6.60 237.60 June 1 58 5.60 324.80 September 1 51 6.60 336.60 Total 191 $1,202.60 Cost of goods soldEnding inventoryFIFO$1,017.80$184.80LIFO$1,017.80$184.80Average cost

Name: Calculate cost of goods sold and ending inventory for Emergicare’s ban
Uploaded: 2024-03-20T06:32:37.000Z
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Description: Calculate cost of goods sold and ending inventory for Emergicare’s bandages orders using FIFO, LIFO and average cost. There are 28 units in ending inventory. (Do not round your intermediate calculation and round your final answers to the nearest cent

Solution: Average cost method: Average cost per unit = total cost / total units = 1202.60 / 191 = $6.296335 Ending inventory = 28*$6.296335 = $176.30 Cost of goods sold = 1202.60 - 176.30 = $1026.30

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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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Calculate cost of goods sold and ending inventory for Emergicare’s bandages orders using FIFO, LIFO and average cost. There are 28 units in ending inventory. (Do not round your intermediate calculation and round your final answers to the nearest cent.)

Date	Units purchased	Cost per unit	Total cost
January 1		46		$	6.60	$	303.60
April 1		36			6.60		237.60
June 1		58			5.60		324.80
September 1		51			6.60		336.60
Total		191				$	1,202.60

	Cost of goods sold	Ending inventory
FIFO	$1,017.80	$184.80
LIFO	$1,017.80	$184.80
Average cost

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