Make assumptions about amounts for beginning inventory, net purchases, and ending inventory. Then usethe pick lists (accessed by clicking in the boxed areas within the Calculation of Cost of Goods Sold section) toselect the correct amounts for goods available for sale and cost of goods sold. Correct selections turnapplicable boxes green.Enter an amount for beginning inventory >>>>Enter an amount for net purchases >>>>Enter an amount for ending inventory >>>>Beginning inventoryPlus: Net purchasesGoods available for saleLess: Ending inventoryCost of goods soldCalculation of Cost of Goods Sold00000000 Go to eBook and download the Excel document from theCost of Goods paragraph section of "MyExceLab" thensolve the Excel problem using the following data:Beginning Inventory: $10,000• Purchase for the year: $113,000●Freight-in for the shipping under F.O.B ShippingPoint term: $5,000• Purchase Discount for the year: $12,000• Purchase Return for the year: $6,000•End of the year physical inventory balance:$35,000

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Description: Make assumptions about amounts for beginning inventory, net purchases, and ending inventory. Then usethe pick lists (accessed by clicking in the boxed areas within the Calculation of Cost of Goods Sold section) toselect the correct amounts for goods

Lets understand the basics. Cost of goods sold calculated by the entity to understand the gross…

Business

Accounting

Make assumptions about amounts for beginning inventory, net purchases, and ending inventory. Then use the pick lists (accessed by clicking in the boxed areas within the Calculation of Cost of Goods Sold section) to select the correct amounts for goods available for sale and cost of goods sold. Correct selections turn applicable boxes green. Enter an amount for beginning inventory >>>> Enter an amount for net purchases >>>> Enter an amount for ending inventory >>>> 0 0 0

Make assumptions about amounts for beginning inventory, net purchases, and ending inventory. Then use the pick lists (accessed by clicking in the boxed areas within the Calculation of Cost of Goods Sold section) to select the correct amounts for goods available for sale and cost of goods sold. Correct selections turn applicable boxes green. Enter an amount for beginning inventory >>>> Enter an amount for net purchases >>>> Enter an amount for ending inventory >>>> 0 0 0

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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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: O-Matic Inventory Purchase Saturday, June 6, 2020 Sunday, June 14, 2020 Thursday, June 18, 2020 Tuesday, June 30, 2020 Items Cost per Item 107 85.10 158 79.50 87 %24 95.00 24 93 445 92.40 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. HTML Editor B IUA-囚、1三三=E x I 12pt Paragraph
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Really not undertsanding LIFO, thank you ahead of time
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